Wu, Who Is Single, Reports the Following Items for 2019

question 57

Multiple Choice

Wu, who is single, reports the following items for 2019: $\begin{array}{lr}\text { Salary } & \$ 25,000 \\\text { Interest income } & 8,000 \\\text { Itemized deductions }(\$ 27,000 \text { attributable to dedutible casualty loss) } & (32,000) \end{array}$ What is Wu's net operating loss for 2019?

• A) $0
• B) ($1,000)
• C) ($2,000)
• D) ($7,000)
• E) None of these.

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Definitions:

U.S. Dollar

The U.S. Dollar is the official currency of the United States of America, used as the standard unit of money for transactions within and outside the country.

Japanese Importer

A company or individual based in Japan that buys goods from other countries for resale or use in Japan.

British Pound

The official currency of the United Kingdom, symbolized as GBP, it is one of the world's major currencies.

Exchange Rate

The value of one nation's currency versus the currency of another nation or economic zone.