Wu,who is single,has the following items for 2012: What is Wu's NOL for 2012?

Name: Wu,who is single,has the following items for 2012: What is Wu's NOL for 2012?
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Question

Wu,who is single,has the following items for 2012:  What is Wu's NOL for 2012?

Quizplus · Accepted Answer

From the given items, we can see that Wu had a net business loss of $12,000 and a net capital loss of $1,000. Since Wu is single, the maximum NOL that can be deducted for the year 2012 is $3,000 ($1,500 if married filing separately). Therefore, the total NOL for Wu in 2012 is $2,000 ($3,000 - $1,000).

Wu,who Is Single,has the Following Items for 2012: What