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During 2020, John Colburn, a single individual, reports the following taxable income: Gross income from business $200,150 Less: Business expenses 240,000 ($39,850) Plus: Interest income
During 2020, John Colburn, a single individual, reports the following taxable income: Gross income from business $200,150 Less: Business expenses 240,000 ($39,850) Plus: Interest income 1,000 Dividend income 2,000 AGI ($36,850) Less: Greater of itemized deductions or standard deduction Casualty loss from a federally declared disaster area $2,000 Taxes 6,000 Interest expense 6,000 Total itemized deductions $14,000 or Standard deduction $12,400 $ 14,000 Taxable income ($50,850) Compute John Colburn's net operating loss for 2021.
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