During the year karen a single taxpayer reports the, Ask an Expert

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During the year, Karen, a single taxpayer, reports the following income and expense items relating to her interior design business:
Revenues $52,000 Cost of goods sold 41,000
Advertising 3,300
Office supplies 1,700
Rent 13,800
Contract labor 28,000
Karen also worked part-time during the year, earning $13,500. She reports a long-term capital gain of $4,200, and a short-term capital loss of $3,800. Her itemized deductions total $5,200.
a. What is Karen's taxable income or loss for the year?
b. What is Karen's NOL for the year?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9975594

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