Jack,age 30 and Married with No Dependents,is a Self-Employed Individual

question 13

Multiple Choice

Jack,age 30 and married with no dependents,is a self-employed individual.For 2016,his self-employed business sustained a net loss from operations of $10,000.The following additional information was obtained from his personal records for the year:
Nonbusiness long-term capital gain
$ 2,000
Interest income
6,000
Itemized deductions-consisting of taxes and interest
(12,000)
​
Based on the above information,what is Jack's net operating loss for 2016 if he and his spouse file a joint return?

• A)($2,000)
• B)($8,000)
• C)($10,000)
• D)($11,000)
• E)($14,000)

---

Definitions:

Protects Health

Actions or behaviors undertaken to guard against illness and maintain physical and mental well-being.

Attitudes

A settled way of thinking or feeling about something, often reflected in a person's behavior.

Beliefs

The mental acceptance or conviction in the truth or actuality of something, often based on personal interpretation or faith.

Expectations

Beliefs or hopes regarding what is possible or likely to happen in the future.