A Taxpayer Has Low AGI This Year,but Unusually High Itemized

question 82

Multiple Choice

A taxpayer has low AGI this year,but unusually high itemized deductions.The one itemized deduction that is allowed to increase the NOL is

• A)state and local income and property taxes.
• B)home mortgage interest.
• C)medical expenses.
• D)casualty loss on personal-use assets.

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Definitions:

Thirteenth Amendment

An amendment to the United States Constitution that abolished slavery and involuntary servitude, except as punishment for a crime.

Ratified

The formal approval or confirmation of an agreement, treaty, or constitution, making it officially valid.

Slavery and Involuntary Servitude

The forced labor of individuals without their consent, under threat of punishment or coercion.

Ulysses Grant

An American military leader and the 18th President of the United States, who led the Union Army to victory during the Civil War and worked during his presidency to integrate the reconstructed states into the nation.