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

question 90

Multiple Choice

Jack,age 30 and married with no dependents,is a self-employed individual.For 2014,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: $\begin{array}{lll}\text {Nonbusiness long-term capital gain }&\$2,000\\\text { Interest income}&6,000\\\text {Itemized deductions —consisting of taxes and interest }&(12,000) \\\end{array}$
Based on the above information,what is Jack's net operating loss for 2014 if he and his spouse file a joint return?

• A)$2,000
• B)$8,000
• C)$10,000
• D)$11,000
• E)$16,400

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Definitions:

Revised

Updated or altered from its original form, often to include new information or corrections.

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A severe form of premenstrual syndrome that significantly affects a woman's emotional and physical health.

DSM-IV

The fourth edition of the Diagnostic and Statistical Manual of Mental Disorders, a guide for diagnosing mental disorders.

Appendix

A small tube-shaped sac attached to the lower end of the large intestine, whose function in humans is considered vestigial.