If a Taxpayer Has an NOL in 2012 of $20,000

question 33

Multiple Choice

If a taxpayer has an NOL in 2012 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:

Neutral Conductor

A conductor that carries only the imbalance of current between the live conductors in a multiphase system, and is at ground potential.

Negative-Sequence Harmonic

Causes the rotating magnetic field of a polyphase motor to rotate in a direction opposite that of the fundamental frequency.

Fundamental Frequency

The lowest frequency of a periodic waveform, representing the greatest common divisor of the frequencies of all components of the waveform.

Odd Multiples

Refers to numbers or values that are not divisible by two and are multiples of a given number, often appearing in patterns or sequences.