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Mary, a single taxpayer with two dependent children, has the following items of income and expense during 2017: Gross receipts from business Business expenses Alimony

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Mary, a single taxpayer with two dependent children, has the following items of income and expense during 2017: Gross receipts from business Business expenses Alimony received Interest income Itemized deductions (no casualty or theft loss) $144,000 180,000 22,000 3,000 24,000 a. Determine Mary's taxable income or loss for 2017. If required, use the minus sign to indicate a negative AGI or a loss -11,000 24,000 | 12,150 -47,150 Adjusted gross income Less: itemized deductions Less: personal and dependency exemptions Feedback Check My Work b. Indicate which items are adjustments to taxable income or loss when computing an NOL. Business receipts Business expenses Alimony received Interest income Itemized deductions Personal exemptions Not an adjustment Not an adjustment Adjustment Adjustment Adjustment Adjustment c. Determine Mary's NOL for 2017. Mary's NOL is $

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