Problem 7-48 (LO. 1, 2,7) Soong, single and age 32, had the following items for the tax year 2018: Salary of $30,000. Interest income from U.S. government bonds of $2,000. . Dividends from a foreign corporation of $500. Sale of small business 5 1244 stock on October 20, 2018, for $20,000. The stock had been acquired two years earlier for $65,000. Business bad debt of $4,000. . Nonbusiness bad debt of $5,000. . Sale of small business $ 1244 stock on November 12, 2018, for $4,000. The stock had been acquired on June 5, 2018, for $800. Sale of preferred stock on December 4, 2018, for $40,000. The stock was acquired four years ago for $18,000. Total itemized deductions of $25,000 (no casualty or theft). If required, use the minus sign to indicate a negative AGI or taxable loss. a. Determine Soong's taxable income or loss for 2018. 30,000 V Salary Interest and dividends Less: ordinary loss on 1244 stock V Less: Business bad debt V Net short-term capital loss V Net long-term capital gain V Net capital gain V 45,000 4,000 5,000 X 22,000 30,000 Salary Interest and dividends Less: Ordinary loss on 1244 stock Less: Business bad debt V Net short-term capital loss Net long-term capital gainV Net capital gain v Adjusted gross income Less: Itemized deductions 2,500V 45,000 V 4,000 5,000 X 22,000 Taxable income/loss Determing Soong's NOL for 2018. If required, use the minus sign to indicate a loss. If an amount is zero, enter "" Taxable income/loss Excess of nonbusiness deductions over nonbusiness income plus net nonbusiness capital gains Net operating loss for 2018