If the Taxpayer's Net Long-Term Capital Losses Exceed the Net

question 103

True/False

If the taxpayer's net long-term capital losses exceed the net short-term capital gains,the excess may be offset against ordinary income up to $3,000 per year.Any excess losses over $3,000 may be carried over indefinitely.

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Definitions:

Breeder Reactor

A type of nuclear reactor that generates more fissile material than it consumes, using a specific fuel cycle to convert fertile materials into fissile fuels, thus extending the fuel supply for nuclear energy.

Commercial

Related to or engaged in commerce, involving the buying and selling of goods and services.

France

A country located in Western Europe known for its rich history, cultural significance, and influential role in global affairs.

High-level Radioactive Wastes

Extremely hazardous materials that remain radioactive for long periods, primarily produced from the spent fuel of nuclear reactors.