Akeem, Who Does Not Itemize, Incurred a Net Operating Loss

question 35

Multiple Choice

Akeem, who does not itemize, incurred a net operating loss (NOL) of $50,000 in 2016. His deductions in 2016 included AMT tax preference items of $20,000, and he had no AMT adjustments. Assuming the NOL is not carried back, what is Akeem's ATNOLD carryover to 2017?

• A)$50,000
• B)$30,000
• C)$20,000
• D)$40,000
• E)None of the above

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Definitions:

Degree

A unit of measurement of angles or a level of achievement in education, often awarded after completing a course of study.

Projection

The psychological transfer of one's own feelings, thoughts, or attributes onto another person or object.

Job Enrichment

A method of motivating employees by adding variety, significance, and autonomy to their tasks, enhancing job satisfaction.

Responsibility and Challenges

Duties or tasks that require effort and provide an opportunity to overcome difficulties or obstacles.