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Becky, a single individual, reports the following taxable items in 2015: Gross income from business $ 93,000 Minus: Business expenses (105,000) = ($ 12,000) Interest
Becky, a single individual, reports the following taxable items in 2015:
Gross income from business $ 93,000
Minus: Business expenses (105,000)
= ($ 12,000)
Interest income 1,500
AGI = ($ 10,500)
Itemized deductions:
Interest expense $ 3,100
State Income Taxes 1,900
Casualty 3,000
Total itemized deductions ( 8,000)
Minus:
Personal exemption ( 4,000)
Taxable income ($22,500)
What is Becky's NOL for the year?
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