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Determine Sam and Sally’s taxable income for 2005.
Sam and Sally, his spouse, file a joint return. They have five dependent children. For 2005, they have the following items:
Salaries $60,000
Interest income 5,000
Casualty loss (after $100 reduction) 40,000
Other itemized deductions 21,000
a. Determine Sam and Sally’s taxable income for 2005.
b. Determine Sam and Sally’s NOL for 2005.
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