Question
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.
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.
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Determine Soong's NOL for 2015. If required, use the minus sign to indicate a loss. If an amount is zero, enter "0".
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