Determine elizabeth''s taxable income for 2014

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Reference no: EM13311399 , Length: 1 page

3. 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: EM13311399

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