An Individual Taxpayer Has Negative Taxable Income for the Year

question 19

Multiple Choice

An individual taxpayer has negative taxable income for the year.In calculating the net operating loss created,which of the following expenses or losses will be added back to the negative taxable income?

• A)capital losses
• B)personal and dependency exemptions
• C)nonbusiness deductions in excess of nonbusiness income
• D)all of the above

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Definitions:

Jejunum

The middle section of the small intestine in mammals, between the duodenum and ileum, where the absorption of nutrients and minerals occurs.

Duodenum

The first section of the small intestine, immediately following the stomach, where significant chemical digestion occurs.

Fundus

The upper part of a hollow organ, like the stomach or uterus, which is often opposite from the opening.

Cardia

The section of the stomach where the esophagus leads into it, involved in controlling the passage of food and preventing acid reflux.