Question

Mary, a single taxpayer with two dependent children, has the following items of income and expense during 2014:
Gross receipts from business ............ $144,000
Business expenses ................ 180,000
Alimony received ................. 22,000
Interest income .................. 3,000
Itemized deductions (no casualty or theft) ....... 24,000
a. Determine Mary’s taxable income for 2014.
b. Determine Mary’s NOL for 2014.


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  • CreatedMay 25, 2015
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