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