Soong, single and age 32, had the following items for the tax year 2016:

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 1244 stock on October 20, 2016, 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, 2016, for $4,000. The stock had been acquired on June 5, 2016, for $800.

Sale of preferred stock on December 4, 2016, 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 2016.

Salary $ _______

Interest and dividends _______

Less: Ordinary/capital loss on 1244 stock _______

Less: Non business/Business bad debt _______

Net short-term capital gain/loss $_______

Net long-term capital gain/loss $_______

Net capital gain/loss ________

Adjusted gross income $_______

Less: Itemized deductions _______

Less: Personal exemption _______

Taxable income/loss $_________

Determine Soong's NOL for 2016. If required, use the minus sign to indicate a loss. If an amount is zero, enter "0".

Taxable income/loss $_________

Personal exemption ________

Excess of nonbusiness deductions over nonbusiness income plus net nonbusiness capital gains $________

Net operating loss for 2016 $________

b. Assuming Soong has had taxable income for each of the past five years, determine the carryback year to which the 2016 NOL should be applied.

The NOL is carried back 2/3/4/5 years to 2010/2011/2012/2013/2014/2015.