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Nora,single,had the Following Income and Deductions for 2016

Question 104

Essay

Nora,single,had the following income and deductions for 2016:
Sales
$ 50,000
Business expenses
(100,000)
Alimony received
30,000
Interest income
1,000
Dividends
2,000
Nonbusiness capital gains
4,000
§ 1244 stock loss
(18,000)
Itemized deductions
(4,000)
Business capital loss
(2,000)
Business capital gain
1,000

Compute Nora's net operating loss for 2016.

Correct Answer:

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Sales
$ 50,000
Business expenses
(...

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