1. Sam, age 45, is single. For 2015, he has the following items:
1. Sam, age 45, is single. For 2015, he has the following items:
Business Income $70,000
Business Expenses $75,000
Alimony Paid $12,000
Interest Income $3,000
Itemized Deductions $8,000
a. Determine Sam’s taxable income for 2015.
b. Determine Sam’s NOL for 2015.
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