Question: Sam, age 45, is single. For 2018, he has the following items: Business income $65,000 Business expenses 71,500 Alimony paid (divorce occurred in 2014) 9,750

Sam, age 45, is single. For 2018, he has the following items: Business income $65,000 Business expenses 71,500 Alimony paid (divorce occurred in 2014) 9,750 Interest income 3,250 Itemized deductions 5,430 If amount is zero, enter "0". If required, use the minus sign to indicate a negative AGI or a loss. a. Determine Sam's taxable income (or loss) for 2018. Adjusted gross income/loss $ Less: Itemized deductions Less: Deduction for qualified business income Loss $ b. Indicate which items are adjustments to taxable income or loss when computing an NOL. Business income Not an adjustment Business expenses Not an adjustment Alimony paid Adjustment Interest income Adjustment Itemized deductions or standard deduction Adjustment Qualified business income Adjustment c. Determine Sam's NOL for 2018. Sam's NOL for 2018 is $.

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