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Research Problem A single taxpayer, reported the following information on his 2016 Form 1040: Salary from part-time job $ 16,600 Interest on savings account 400

Research Problem

A single taxpayer, reported the following information on his 2016 Form 1040:

Salary from part-time job

$ 16,600

Interest on savings account

400

Net loss from sole proprietorship

(22,100)

Alimony received

3,600

AGI

$(1,500)

Standard deduction

(6,300)

Exemption

(4,050)

Taxable income

$(11,850)

Does Bill have a net operating loss (NOL) that he can carry back or forward as a deduction in another taxable year?

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