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Felicia knows that exercise is important to longevity,but she can never seem to stick to an exercise program.She has never seen herself as athletic,doesn't enjoy jogging,and her life is busy enough without trying to find time to exercise regularly.Though a friend suggested that she give up some of her television time,Felicia believes that television is her only truly relaxing activity.She tells herself that she gets enough exercise running errands.Felicia has
Capital Loss Carryback
Capital Loss Carryback is a tax provision allowing taxpayers to apply a net capital loss to past tax years’ returns to receive a tax refund for taxes previously paid on capital gains.
Schedule M-1
is a tax form used by corporations to reconcile income reported on tax returns with income reported on financial statements.
Alternative Minimum Tax
A parallel tax system to the regular income tax that ensures that certain taxpayers pay at least a minimum amount of tax.
Corporations
Legal entities that are separate from their owners, capable of owning property, entering contracts, and being taxed.
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