In the Current Year, Norris, an Individual, Has $70,000 of Ordinary

question 74

Multiple Choice

In the current year, Norris, an individual, has $70,000 of ordinary income, a net short-term capital loss (NSTCL) of $8,000 and a net long-term capital gain (NLTCG) of $4,800. From his capital gains and losses, Norris reports:

• A)an offset against ordinary income of $8,000.
• B)an offset against ordinary income of $3,000 and an NSTCL carryforward of $5,000.
• C)an offset against ordinary income of $4,800 and an NSTCL carryforward of $3,200.
• D)an offset against ordinary income of $3,000 and an NSTCL carryforward of $3,200.
• E)an offset against ordinary income of $3,000 and an NSTCL carryforward of $200.

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Definitions:

Open Pane

A term that typically refers to a section of the Johari window model aiming to increase mutual understanding between individuals through feedback and disclosure.

Johari Window

A model used to improve self-awareness and understanding in interpersonal relationships, highlighting known and unknown aspects of oneself.

Psychologist

A professional specializing in the study of the mind and behavior.

Own One's Feelings

Accepting responsibility for one's emotional state and reactions, rather than blaming others or external circumstances.