Answered: The excess of allowable deductions over…

The excess of allowable deductions over gross income of the business in a taxable year is known as: net operating loss. ordinary loss. net deductible loss. NOLCO.

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter17: Property Transactions: § 1231 And Recapture Provisions

Section: Chapter Questions

Problem 2DQ

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The excess of allowable deductions over gross income of the business in a taxable year is known as:

net operating loss.

ordinary loss.

net deductible loss.

NOLCO.

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