Elizabeth Reports the Following Items for the Current Year In Calculating Elizabeth's Net Operating Loss and with Respect to

question 94

Multiple Choice

Elizabeth reports the following items for the current year: $$\begin{array} { l r } \text { Nonbusiness capital gains } & \$ 5,000 \\\text { Nonbusiness capital losses } & ( 3,000 ) \\\text { Interest income } & 3,000 \\\text { Itemized deductions (including a } \$ 20,000 \text { casualty loss in a Federal disaster } & ( 27,000 ) \\\text { area) } &\end{array}$$ In calculating Elizabeth's net operating loss and with respect to these amounts only, what amount must be added back to taxable income (loss) ?

• A)$0
• B)$1,000
• C)$2,000
• D)$20,000
• E)None of these.

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Definitions:

Greater Than Or Equal To

A relational operator that checks if the value on the left side is greater than or equal to the value on the right side.

Evaluates

The process of calculating or determining the value of an expression based on its operands and operations.

Relational Operator

Operators used in programming languages to compare two values, determining their relationship (such as equals, greater than, less than).

==

In many programming languages, "==" is the equality operator that tests if two values are equal.