during the current tax year, joe is a partner in a plumbing business. his amount at-risk at the beginning of the year is $45,000. during the year, joe's share of loss is $60,000. 1. what is the amount of the loss that joe may deduct for the current tax year? $fill in the blank 1 2. if joe has a profit of $31,000 in the following tax year, how much is taxable?

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06-12-2022
Business

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during the current tax year, joe is a partner in a plumbing business. his amount at-risk at the beginning of the year is $45,000. during the year, joe's share of loss is $60,000. 1. what is the amount of the loss that joe may deduct for the current tax year? $fill in the blank 1 2. if joe has a profit of $31,000 in the following tax year, how much is taxable?

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kjuli1766 kjuli1766 · Answer 1 · 2022-12-12T20:18:40+01:00

The amount of the loss that joe may deduct for the current tax yearJoe has a profit of $31,000 in the following tax year, taxable money is $16000.

Taxes are mandatory contributions levied on the individuals or corporations by a central authority entity—whether nearby, regional, or countrywide. Tax sales finance government sports, such as public works and offerings consisting of roads and schools, or applications consisting of Social Safety and Medicare.

It derives from the Latin taxable which means 'to evaluate. earlier than that, English used the associated phrase 'project', derived from old French. For a while, 'project' and 'tax' have been each in no unusual use, the primary requiring labor, the second one money.

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