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25 June, 20:42

Ralph is single and has the following items for the current year:

Nonbusiness capital gains $ 9,000

Nonbusiness capital losses (3,000)

Interest income 6,000

Itemized deductions (none of the amount resulted from a casualty loss) (10,000)

In calculating Ralph's net operating loss, and with respect to the above amounts only, what amount must be added back to taxable income (loss) ?

a. $4,000

b. $0

c. $3,000

d. $2,000

e. None of these choices are correct.

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Answers (1)
  1. 25 June, 23:46
    0
    B

    Explanation:

    $10,000 - [$6,000 + ($9,000 - $3,000) ] = ($2,000). Therefore, nothing is added back.
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