If the Taxpayer's Net Long-Term Capital Losses Exceed the Net

question 103

True/False

If the taxpayer's net long-term capital losses exceed the net short-term capital gains,the excess may be offset against ordinary income up to $3,000 per year.Any excess losses over $3,000 may be carried over indefinitely.

---

Definitions:

Communal Relationships

Relationships based on mutual love and concern, without expectation of repayment.

Exchange Relationships

Social connections where the interactions are based on reciprocal benefits and the expectation of receiving something in return for what is given.

Partners' Needs

The essential emotional, physical, and psychological requirements of one's significant other in a relationship, recognizing and addressing which can enhance mutual satisfaction.

Triangular Theory

A theory proposed by Robert Sternberg, outlining the components of love as intimacy, passion, and commitment.