If a Taxpayer Has a Net Operating Loss (NOL) in 2017

question 46

Multiple Choice

If a taxpayer has a net operating loss (NOL) in 2017 of $20,000, of which $8,000 is attributable to a theft of rental use property, the taxpayer may:

• A)Carry all of the NOL of $20,000 back 5 years.
• B)Carry all of the NOL of $20,000 back 3 years.
• C)Carry $8,000 of the NOL back 3 years and the remainder of the NOL of $12,000 back 2 years.
• D)All of the above.
• E)None of the above.

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Definitions:

Agreeableness

A personality trait characterized by altruism, trust, compassion, and a cooperative attitude toward others.

Interpersonal Relationships

Connections or associations between two or more people that can vary in duration and significance.

Self-control

An individual's proficiency in overseeing their emotions, mental states, and conduct in situations presenting temptations and impulsive challenges.

Interpersonal Relationships

The associations or bonds formed between two or more people.