Stella,age 38,is Single with No Dependents

question 63

Multiple Choice

Stella,age 38,is single with no dependents.The following information was obtained from her personal records for the 2016 year.
Salary
$30,000
Interest income
7,000
Alimony received
12,000
Individual retirement account contribution
2,000
Home mortgage interest expense
4,000
Property taxes
2,000
Personal casualty loss (after the $100 floor)
38,000
Stolen investment property
16,000
Unreimbursed employee business loss
3,000
​
Based on the above information,what is Stella's net operating loss for 2016?

• A)$0
• B)($9,000)
• C)($10,360)
• D)($11,200)
• E)None of the above

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Definitions:

Luxury Good

A product or service that is not essential but is highly desired and associated with wealth or high social status.

Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, expressed as a percentage change.

Bluegrass Albums

Collections or compilations of music that belong to the bluegrass genre, characterized by string instruments and roots in American folk music.

Revenues

The complete sum of funds a company acquires from selling goods or delivering services over a specific time frame.