In the Current Year, Norris, an Individual, Has $50,000 of Ordinary

question 28

Multiple Choice

In the current year, Norris, an individual, has $50,000 of ordinary income, a Net Short Term Capital Loss (NSTCL) of $10,000 and a Net Long Term Capital Gain (NLTCG) of $2,800. From his capital gains and losses, Norris reports:

• A) an offset against ordinary income of $10,000.
• B) an offset against ordinary income of $3,000 and a NSTCL carryforward of $7,000.
• C) an offset against ordinary income of $2,800 and a NSTCL carryforward of $7,200.
• D) an offset against ordinary income of $3,000 and a NSTCL carryforward of $7,200.
• E) an offset against ordinary income of $3,000 and a NSTCL carryforward of $4,200.

---

Definitions:

Person-Centered Theory

A psychological approach by Carl Rogers emphasizing a person's subjective view of the world and the importance of unconditional positive regard.

Ideal Self

A person's conception of how they would like to be, representing their goals and aspirations.

Actualize

The process of realizing or achieving one's potential or possibilities, often associated with Maslow's concept of self-actualization.

Responsibility

The state or fact of having a duty to deal with something or of having control over someone; a moral obligation to behave correctly towards or in respect of.