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Milt, married and filing jointly, reports the following items for 2022: ...

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Accounting

Milt, married and filing jointly, reports the following items for 2022:

Sales

$200,000
Business expenses

210,000
Interest income

3,000
Dividends

5,000
Salary (spouse)

20,000
Alimony received (from prior marriage that ended in 2015)

8,000
Nonbusiness long-term capital gains

5,000
Nonbusiness short-term capital losses

7,000
Business short-term capital losses

4,000
Business long-term capital gains

2,000
IRA contributions

5,000
Charitable contributions

9,000
Medical expenses

7,550
Property taxes

7,450
Federal disaster area personal casualty loss on personal property (after the $100 floor)

35,000
Loss on stolen bonds

12,640

Milt has two dependent children. If Milt and his wife file a joint return, compute their net operating loss for 2021.

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