An Individual Taxpayer Has Generated a Net Operating Loss in 2016.He

question 7

True/False

An individual taxpayer has generated a net operating loss in 2016.He would like to receive a quick refund by filing a carryback claim on Form 1045.To obtain the quick refund,the taxpayer must file Form 1045 within 90 days after April 15,2017.

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Definitions:

Outputs

The goods or services produced by a business or an economy.

Long-run Average Cost

The per unit cost of production when all inputs, including those typically fixed, can be adjusted.

Short-run Marginal Cost

The cost incurred by producing one additional unit of a product or service in the short term, where some factors of production are fixed.

Envelope

In economics, often describes a theoretical outer limit or boundary, such as the envelope curve which envelopes all the possible positions of equilibrium.