Stella,age 38,is single with no dependents.The following information was obtained from her personal records for the 2014 year. Based on the above information,what is Stella's net operating loss for 2014?

Question

Stella,age 38,is single with no dependents.The following information was obtained from her personal records for the 2014 year.  Based on the above information,what is Stella's net operating loss for 2014?

Quizplus · Accepted Answer

Salary $30,000
Interest income 7,000
Alimony received 12,000
Individual retirement account contribution (2,000)
Adjusted gross income $47,000
Less: Home mortgage interest (4,000)
Property taxes (2,000)
Personal casualty loss $38,000
Less: 10% F1F1F1S1F1F1F10 $47,000 (AGI)(4,700)(33,300)
Unreimbursed employee business loss (2,060)
[$3,000 - (2% F1F1F1S1F1F1F10 $47,000)]
Stolen investment property (16,000)
Personal exemption (3,950)
Taxable income ($14,310)
Taxable income ($14,310)
Add: Personal exemption 3,900
Excess of nonbusiness deductions over
Nonbusiness income
Home mortgage interest $ 4,000
Property taxes 2,000
IRA contribution 2,000
Total nonbusiness deduction $ 8,000
Interest income (7,000)
Alimony received (12,000)-0-
Net operating loss ($10,360)

Stella,age 38,is Single with No Dependents