LO.4 Mario, a single taxpayer with two dependent children, has the following items of income and expense

Question:

LO.4 Mario, a single taxpayer with two dependent children, has the following items of income and expense during 2018: Gross receipts from business Business expenses Net capital gain Interest income Itemized deductions (state taxes, residence interest, and contributions)

a. Determine Mario's taxable income for 2018.

b. Determine Mario's NOL for 2018. $144,000 180,000 22,000 3,000 24,000

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