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

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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