Question: Sam, age 45, is single. For 2016, he has the following items: Business income........................................................$70,000 Business expenses.......................................................75,000 Alimony paid............................................................12,000 Interest income............................................................3,000 Itemized deductions......................................................8,000 a. Determine Sam's

Sam, age 45, is single. For 2016, he has the following items:

Business income........................................................$70,000

Business expenses.......................................................75,000

Alimony paid............................................................12,000

Interest income............................................................3,000

Itemized deductions......................................................8,000

a. Determine Sam's taxable income for 2016.

b. Determine Sam's NOL for 2016.

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