Stella, age 38, is single with no dependents. The following information was obta
ID: 2499160 • Letter: S
Question
Stella, age 38, is single with no dependents. The following information was obtained from her personal records for the 2015 year.
Salary
$30,000
Interest income
7,000
Alimony received
12,000
Individual retirement account contribution
2,000
Home mortgage interest expense
4,000
Property taxes
2,000
Personal casualty loss (after the $100 floor)
38,000
Stolen investment property
16,000
Unreimbursed employee business loss
3,000
Based on the above information, what is Stella’s net operating loss for 2015?
Salary
$30,000
Interest income
7,000
Alimony received
12,000
Individual retirement account contribution
2,000
Home mortgage interest expense
4,000
Property taxes
2,000
Personal casualty loss (after the $100 floor)
38,000
Stolen investment property
16,000
Unreimbursed employee business loss
3,000
Explanation / Answer
Stella's Net operating loss for 2015
Income
Salary=$30,000
Interest Income=$7,000
Alimony received=$12,000
Total Income=$49,000
Expenses
Individual retirement account contribution =$2,000
Home mortgage interest expense =$4,000
Property taxes =$2,000
Personal casualty loss (after the $100 floor)=$38,000
Stolen investment property =$16,000
Unreimbursed employee business loss =$3,000
Total expenses =$(65,000)
Net operating loss=$16,000
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