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.

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Definitions:

Reason

The mental capacity to logically identify, analyze, and integrate information to form conclusions or judgments.

Cultural Relativist

Someone who believes that moral and ethical systems, which vary from culture to culture, are all equally valid and no one system is really "better" than another.

Morally Required

Actions or behaviors that are considered necessary according to ethical or moral principles.

Culture

The shared beliefs, practices, norms, and values of a group of people or society.