Harley, a Single Individual, Provided You with the Following Information

question 41

Essay

Harley, a single individual, provided you with the following information for this year:
Income:
$$\begin{array} { | l | r | } \hline \text { Salary from part-time employment } & \$ 16,000 \\\hline \text { Interest income from savings } & 1,000 \\\hline \text { Net long-term capital gain from investment property } & 3,000 \\\hline\end{array}$$ Deductions:
$$\begin{array}{|l|l|}\hline\text { Net business loss }\\\text { (sales of } \$ 100,000 \text { less expenses of } \$ 130,000 ) & ( \$ 30,000 ) \\\hline \text { Personal exemption } & ( 4,050 ) \\\hline \text { Standard deduction } & ( 6,300 ) \\\hline \text { Net-operating loss carryover from last year } & ( 3,000 )\\\hline\end{array}$$ What is the amount of Harley's net operating loss for this year?

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Definitions:

Sleep Deprivation

A condition resulting from insufficient sleep, affecting physical and mental performance and health.

Physiological Effects

The physical changes and responses in the body resulting from various factors, including stress, drug use, and disease.

Psychological Effects

The emotional or mental impact resulting from specific events, situations, or stimuli.

Psychological Dependence

A condition in which an individual feels a compelling emotional need to continue using a substance.