When a taxpayer incurs an NOL in 2016, that is not attributable to a casualty...
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When a taxpayer incurs an NOL in 2016, that is not attributable to a casualty or theft loss, the taxpayer may: 1) Carry the NOL forward instead of back. 2) Carry the NOL back three years. 3) Carry the NOL back five years. 4) All of the above. Question 3 (5 points) Bob Mapp gave his daughter a limited partnership interest in a real estate activity. Suspended losses amounted to $30,000. Bob's adjusted basis at the time of the gift was $40,000 ( fair market value was greater than $40,000 ). What is the daughter's basis in the property? 1) $40,000 2) $30,000 3) $70,000 4) None of these
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