Soong, single and age 32, had the following items for the tax year 2015:

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, 2015, 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, 2015, for $4,000. The stock had been acquired on June 5, 2015, for $800.

Sale of preferred stock on December 4, 2015, for $40,000. The stock was acquired four years ago for $18,000.

Total itemized deductions of $25,000 (no casualty or theft).

a. Determine Soong's taxable income or loss for 2015. If required, use the minus sign to indicate a negative AGI or taxable loss.

Salary			$
Interest and dividends
SelectLess: Capital loss on 1244 stockLess: Ordinary loss on 1244 stockCorrect 3 of Item 1
SelectLess: Nonbusiness bad debtLess: Business bad debtCorrect 5 of Item 1
SelectNet short-term capital gainNet short-term capital lossCorrect 7 of Item 1	$
SelectNet long-term capital lossNet long-term capital gainCorrect 9 of Item 1	$
SelectNet capital lossNet capital gainCorrect 11 of Item 1
Adjusted gross income			$
Less: Itemized deductions
Less: Personal exemption
Taxable income/loss			$

Determine Soong's NOL for 2015. 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 2015		$