Determine mary taxable income

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Reference no: EM13153801

Mary, a single taxpayer with two dependent children, has the following items of income and expense during 2010:

Gross receipts from business...$144,000

Business expenses...180,000

Alimony received...22,000

interest income...40,000

Itemized deductions(no casualty or theft)...28,000

a. Determine Mary's taxable income for 2010.

b. Determine Mary's NOL for 2010.

Reference no: EM13153801

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