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Determine elizabeth taxable income

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Reference no: EM131997587

Question - Elizabeth, a single taxpayer with two dependent children, has the following items of income and expense during 2014:

Gross Receipts from business 145,000

Business Expenses 178,000

Salary from part-time job 22,000

Interest Income 30,000

Itemized deductions (no casualty or theft) 35,000

a. Determine Elizabeth's taxable income for 2014?

b. Determine Elizabeth's NOL carryover for 2014?

Reference no: EM131997587

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