A Taxpayer Has Low AGI This Year,but Unusually High Itemized

question 82

Multiple Choice

A taxpayer has low AGI this year,but unusually high itemized deductions.The one itemized deduction that is allowed to increase the NOL is

• A)state and local income and property taxes.
• B)home mortgage interest.
• C)medical expenses.
• D)casualty loss on personal-use assets.

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Definitions:

High Temperature

A condition or measurement that indicates an amount of heat which is significantly above room temperature or the standard reference point for temperature.

Metamorphism

the process by which rocks are changed by heat, pressure, and chemical processes, resulting in metamorphic rock.

Geologic Setting

The physical, geological, and environmental context of an area, including its rock types, structures, and past geologic events.

Metamorphism

The process by which the mineral composition and texture of rocks are changed by exposure to heat and pressure.