If a Taxpayer Has a Net Operating Loss (NOL)in 2015

question 33

Multiple Choice

If a taxpayer has a net operating loss (NOL) in 2015 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:

Equilibrium

A situation where the amount of goods available in the market matches what consumers want to buy, leading to stable prices and consistent availability.

Excess Supply

A situation where the quantity of goods or services supplied is greater than the quantity demanded at a given price.

Chemical Engineers

Professionals specialized in applying principles of chemistry, physics, biology, and mathematics to solve problems involving the production or use of chemicals, fuel, drugs, food, and many other products.

Salaries

Fixed regular payments made by employers to employees, typically on a monthly or biweekly basis, in exchange for their labor or services.