Emily, who is single, sustains an NOL of $13,200 in 2020. The loss is carried forward to 2021. For 2021, Emily's income tax information before taking into account the 2020 NOL is as follows: Adjusted gross income $66,000 Itemized deductions*: Medical [$7,920 - (10% x $66,000)] $1,320 Taxes 9,900 Interest expense on home mortgage 19,800 (31,020) Taxable income $34,980 * The 2020 single standard deduction is $12,400; Emily's itemized deductions will exceed the 2021 single standard deduction (after adjustment for inflation). Assume that the medical expense AGI floor is 10% in 2021 (it was 7.5% for 2017 through 2020). How much of the NOL carryforward can Emily use in 2021, and what is her adjusted gross income and her taxable income

a. tariffthe government puts a high tax on sugar made in other countries.

A tariff is a tax forced on imported products and ventures.  Tariffs are utilized to limit imports by expanding the cost of products and ventures bought from abroad and making them less alluring to buyers.  

Tariffs can have unintended symptoms, be that as it may. They can make household ventures less proficient by decreasing rivalry. They can hurt local purchasers, since an absence of rivalry tends to push up costs.  

b. quotathe government limits the import of sugar from other countries

A quota is a legislature forced exchange limitation that restricts the number or fiscal estimation of merchandise that a nation can import or fare amid a specific period. Nations utilize quota in universal exchange to help control the volume of exchange amongst them and different nations. Nations here and there force them on particular merchandise to decrease imports and increment residential creation. In principle, amounts support local generation by limiting remote rivalry.  

c. subsidythe government pays sugar farmers to keep sugar prices low.

A subsidy is an advantage given to an individual, business or foundation, for the most part by the administration. It is as a rule as a money installment or an expense decrease. The subsidy is regularly given to evacuate some kind of weight, and usually thought to be in the general enthusiasm of the general population, given to advance a social decent or a financial arrangement.