47. LO.7 Sam, age 45, is single. For 2013, he has the following items: Business income $70,000...

Question:

47. LO.7 Sam, age 45, is single. For 2013, he has the following items:

Business income $70,000 Business expenses 75,000 Alimony paid 12,000 Interest income 3,000 Itemized deductions 8,000

a. Determine Sam’s taxable income for 2013.

b. Determine Sam’s NOL for 2013.

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Ali Khawaja

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