Solved: Determine sam taxable, sam age 45 is single for 2013 he has the following items business, Taxation

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Determine sam taxable

Sam, age 45, is single. For 2013, 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 2013
B. Determine Sam's NOL for 2013

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