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Sam, age 45, is single. For 2014, he has the following items: Business income $70,000 Business expenses 75,000 Alimony paid 12,000 Interest income 3,000 Itemized

Sam, age 45, is single. For 2014, he has the following items:

Business income $70,000

Business expenses 75,000

Alimony paid 12,000

Interest income 3,000

Itemized deductions 8,000

a. Determine Sam's taxable income for 2014.

b. Determine Sam's NOL for 2014.

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