The Net Operating Loss (NOL)provisions of the Internal Revenue Code

question 32

Multiple Choice

The net operating loss (NOL) provisions of the Internal Revenue Code ​

• A)Apply only to individuals with wages,itemized deductions,and personal exemptions.
• B)Require the use of a 2-year carryback in all cases.
• C)Are primarily designed to provide relief for trade or business losses.
• D)Allow the deduction for home mortgage interest to create an NOL.
• E)Would not be necessary if tax rates were progressive.

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