A Net Operating Loss (NOL)occurs When Taxable Income for Any

question 12

True/False

A net operating loss (NOL)occurs when taxable income for any year is negative because itemized deductions and total exemptions exceed business income.

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Definitions:

Local Government

Administrative bodies in smaller geographical areas within a country that govern at a local level, beneath the state or national level.

Civil Rights Acts

Legislation passed in the United States aimed at eliminating discrimination based on race, color, religion, sex, or national origin, and ensuring equal access to public spaces and employment.

Civil War Amendments

Amendments added to the U.S. Constitution after the American Civil War, specifically the 13th, 14th, and 15th Amendments, which abolished slavery, extended citizenship rights, and granted voting rights regardless of race.

Reconstruction

The period following the Civil War in the United States, during which the Southern states were reorganized and reintegrated into the Union from 1865 to 1877.