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Harley, a Single Individual, Provided You with the Following Information

Question 116

Essay

Harley, a single individual, provided you with the following information for this year:
Income:
 Salary from part-time employment $16,000 Interest income from savings 1,000 Net long-term capital gain from investment property 3,000\begin{array} { | l | r | } \hline \text { Salary from part-time employment } & \$ 16,000 \\\hline \text { Interest income from savings } & 1,000 \\\hline \text { Net long-term capital gain from investment property } & 3,000 \\\hline\end{array} Deductions:
 Net business loss  (sales of $100,000 less expenses of $130,000)($30,000) Personal exemption (4,050) Standard deduction (6,300) Net-operating loss carryover from last year (3,000)\begin{array}{|l|l|}\hline\text { Net business loss }\\\text { (sales of } \$ 100,000 \text { less expenses of } \$ 130,000 ) & ( \$ 30,000 ) \\\hline \text { Personal exemption } & ( 4,050 ) \\\hline \text { Standard deduction } & ( 6,300 ) \\\hline \text { Net-operating loss carryover from last year } & ( 3,000 )\\\hline\end{array} What is the amount of Harley's net operating loss for this year?

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