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Khalid, who is single, reports the following items for 2020: Salary $40,000 Interest income on U.S. Treasury bonds 8,000 Loss on theft of securities (60,000) Interest income on New York state bonds 12,000 What is Khalid's NOL for 2020

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Tundexi

Answer:

Particulars                  Amount

Salary                          $40,000

Interest expenses      $8,000

AGI                              $48,000

Less:

Itemized deduction    ($60,000)

Personal exemption   ($3,950)

Taxable Income          ($15,950)

Taxable Income          ($15,950)

Personal exemption   ($3,950)

Net Operating Loss    $12,000

Note: Interest on New York state bonds of $12,000 is an exemption

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