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What is the amount of Julie net operating loss

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Problem - Julie, who is single, had the following items of income and deduction included on her 2017 Form 1040 income tax return:

Salary $40,000

Net capital loss deduction 3,000

Itemized deduction (all attributable to a personal casualty loss when a tornado destroyed her vacation home) 45,000

Personal exemption 4,050

Required - What is the amount of Julie's net operating loss for 2017?

a. $5,000

b. $8,000

c. $11,700

d. $45,000

Reference no: EM132472280

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