Steve and Holly Have the Following Items for the Current

question 93

Multiple Choice

Steve and Holly have the following items for the current year:
Dividend income
$8,000
Interest income
7,000
Itemized deductions (none of the amount resulted from a casualty loss)
(13,000)
Business capital gains
1,000
Business capital losses
(5,000)
​
In calculating their net operating loss,and with respect to the above amounts only,what amount must be added back to taxable income (loss) ?

• A)$0
• B)$1,300
• C)$2,000
• D)$3,000
• E)None of the above

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Definitions:

Price

The amount of money required to purchase a good or service.

Cost

The amount of money or resources expended to purchase or manufacture a product or service.

Value

The importance, worth, or usefulness of something, often considered in terms of its benefit to the customer or user.

Accounting Software

A computer application used to manage and record financial transactions, aiding in the preparation of financial statements and reports.