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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