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Elizabeth, a single taxpayer with two dependent children, has the following items of income and...

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Accounting

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.

Do not copy from chegg.

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