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QUESTION
Sam, age 45, is single. For 2015, he has the following items: Business income $74,000 Business expenses $81,400 Alimony paid $11,100 Interest income...
Sam, age 45, is single. For 2015, he has the following items:
Business income $74,000
Business expenses $81,400
Alimony paid $11,100
Interest income $3,700
Itemized deductions $7,400
a. Determine Sam's taxable income for 2015.
b. Determine Sam's NOL for 2015.
