a) What types of adjustments must be made in order to convert negative taxable income into an NOL?

b) Carlos (single) reports on his 2016 tax return negative taxable income of $38350. Included in this amount is business income of $70000 and business deduction of $98000. Carlos took the standard deducting and claimed one personal exemption Compute Carlos' 2016 NOL assuming that no other adjustments are necessary.

c) What would be the amount of the NOL if, in Part b., Carlos' gross income included net no business long-term capital gains of $10,000 and business income of $60000?

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