Sam, age 45, is single. For 2012 he has the given items:
Business income $70,000
Business expenses 65,000
Alimony paid 12,000
Interest income 3,000
itemized deductions 4,000
i) Find Sam's taxable income for 2012
ii) Find Sam's NOL for 2012
Pete and Polly are married filing the joint return. They had given income and deductions for 2012:
Salary $50,000
interest from savings account 5,000
itemized deductions (no casualty or theft) 8,000
2011 NOL carried to 2012 60,000
i) Determine pete and polly's taxable income for 2012?
ii) Determine pete and polly's NOL for 2012?
iii) Determine pete and polly's NOL to be carried to 2013?