Elizabeth Has the Following Items for the Current Year

question 100

Multiple Choice

Elizabeth has the following items for the current year:
Nonbusiness capital gains
$ 5,000
Nonbusiness capital losses
(3,000)
Interest income
3,000
Itemized deductions (including a $20,000 casualty loss)
(27,000)
​
In calculating Elizabeth's net operating loss,and with respect to the above amounts only,what amount must be added back to taxable income (loss) ?

• A)$0
• B)$1,000
• C)$2,000
• D)$20,000
• E)None of the above

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Definitions:

Attitudes

A settled way of thinking or feeling about someone or something, typically reflected in a person's behavior.

Non-Dieters

Individuals who do not follow a restrictive food regimen for the purpose of losing weight.

Dieters

People who regulate or restrict their food intake in order to lose weight or for health reasons.

Intoxicated

A state of being under the influence of alcohol or drugs, which affects mental and physical faculties.