The Net Operating Loss (NOL) Provisions of the Internal Revenue

question 72

Multiple Choice

The net operating loss (NOL) provisions of the Internal Revenue Code

• A)Apply only to individuals with wages and itemized deductions.
• B)Require the use of a 2-year carryback in all cases.
• C)Are primarily designed to provide relief for trade or business losses.
• D)Allow the deduction for home mortgage interest to create an NOL.
• E)Would not be necessary if tax rates were progressive.

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Definitions:

Political Network

The web of relationships among individuals in an organization that are used to gain influence, share information, and achieve objectives through political means.

Highly Substitutable

Referring to goods or services that can be easily replaced or exchanged with others of similar value or function.

Centrality

The importance, prominence, or influence of something or someone within a certain context or network.

Subunit Power

The degree of influence or control a subsection of an organization has over decisions or resources.