An Individual Taxpayer Has Generated a Net Operating Loss in 2015.He

question 24

True/False

An individual taxpayer has generated a net operating loss in 2015.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 15,2016.

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Definitions:

Probabilities

The measure of the likelihood that an event will occur, represented as a number between 0 and 1, where 1 indicates certainty.

Binomial Random Variable

A type of random variable that represents the number of successes in a sequence of n independent experiments.

Normal Approximation

A method used in statistics to approximate a binomial distribution with a normal distribution when the sample size is large and the probability of success is not too close to 0 or 1.

Cumulative Binomial Probabilities

The sum of probabilities of achieving a given number of successes in a fixed number of Bernoulli trials.