An Individual Taxpayer Has Generated a Net Operating Loss in 2017.He

question 51

True/False

An individual taxpayer has generated a net operating loss in 2017.He would like to receive a quick refund by filing a carryback claim on Form 1045.To obtain the quick refund,the taxpayer must file Form 1045 within 90 days after April 15,2018.

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Definitions:

Income Percentage

The portion or share of one's income allocated or spent on specific expenses, savings, or investments, usually expressed as a percentage.

Doctorate Degree

The highest level of academic degree awarded by universities, typically after a course of study that follows a master's degree.

Associate's Degree

A post-secondary degree awarded by community colleges, junior colleges, technical colleges, and some four-year institutions, typically requiring two years of study.

Master's Degree

An advanced academic degree granted by universities or colleges, typically requiring the completion of a bachelor's degree and involving focused study in a specific field or discipline.