Problem 7-42 (LO. 7) Mario, a single taxpayer with two dependent children, has the following items of income and expense during 2023: Gross receipts from business Business expenses Net capital gain Interest income Itemized deductions (state taxes, residence interest, and contributions) If required, use the minus sign to indicate a negative AGI or a loss. a. Determine Mario's taxable income or loss for 2023. Adjusted gross income Less: Itemized deductions Less: Deduction for qualified business income b. Indicate which items are adjustments to taxable income or loss when computing an NOL. Business receipts Business expenses Net capital gain Interest income Itemized deductions c. Determine Mario's NOL for 2023. $144,000 180,000 22,000 3,000 24,000 Mario's NOL is $ E

Mario, a single taxpayer with two dependent children, has the following items of income and expense during 2023: If required, use the minus sign to indicate a negative AGI or a loss. a. Determine Mario's taxable income or loss for 2023. b. Indicate which items are adjustments to taxable income or loss when computing an NOL. c. Determine Mario's NOL for 2023. Mario's NOL is $