34. Instructions : Choose the best multiple choice answer and explain why you ch

Question

34. Instructions : Choose the best multiple choice answer and explain why you chose the answer. MUST provide 2-3 sentence brief explanation and show all work. All sources must be noted.

____   34.   Hu, who is single, has the following items for 2016:

Salary

$25,000

Interest income

3,000

Itemized deductions ($27,000 attributable to casualty loss)

(32,000)

What is Hu’s NOL for 2016?

a.

$0.

b.

$1,000.

c.

$2,000.

d.

$25,000.

e.

None of the above.

Salary

$25,000

Interest income

3,000

Itemized deductions ($27,000 attributable to casualty loss)

(32,000)

Explanation / Answer

SOLUTION

Hu’s NOL for 2016 is $0.

Amount ($) Salary 25,000 Interest Income 3,000 Itemized deduction (28,000) NOL 0

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