Sam, age 45, is single. For 2017, 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 2017.
b. Determine Sam’s NOL for 2017.