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.

---

Definitions:

Taft-Hartley Act

The Taft-Hartley Act is a 1947 U.S. federal law that restricts the activities and power of labor unions.

National Labor Relations

Pertains to the laws and regulations governing the rights of employees and employers, particularly regarding collective bargaining and workplace disputes.

Equal Employment Opportunity Commission

A federal agency that administers and enforces civil rights laws against workplace discrimination in the United States.

Federal Register

An official daily publication by the US government that documents proposed and final administrative regulations, public notices, and executive orders.