Charles T is a self-employed football coach. Charles is single. In his business, he had gross receipts of $155,000 and had ordinary and necessary operating expenses of $185,500. Charles materially participates in his business as a football coach. Additionally, Charles had interest income of $4,550 and had itemized deductions of $11,550 (all personal expenses). Charles also earned $15,000 from a part-time teaching job.

The standard deduction for single for 2021 is $12,550.

Required (Show your complete work and label your computations. No abbreviations)

1. Compute the adjusted gross income. Show computations.
2. Compute the taxable income. Show computations.
3. Compute the net operating loss (NOL). Show computations.
4. How are NOLs treated for tax purposes in terms of carried back and carry forward rules under Tax Cuts and Jobs Act?