1. In the current year, an individual TP, has $50,000 of ordinary income, a net...
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Accounting
1. In the current year, an individual TP, has $50,000 of ordinary income, a net short-term capital loss (NSTCL) of $10,000, and a net long-term capital gain (NLTCG) of $2,800. From his capital gains and losses, he reports:
A. an offset against ordinary income of $3,000 and an NSTCL carryforward of $4,200.
B. an offset against ordinary income of $2,800 and an NSTCL carryforward of $7,200.
C. an offset against ordinary income of $10,000.
D. an offset against ordinary income of $3,000 and an NSTCL carryforward of $7,000.
E. an offset against ordinary income of $3,000 and an NSTCL carryforward of $7,200.
2. Why would a taxpayer file a tax return if not required to do so?
A. All taxpayers are required to file returns.
B. In order to claim the standard deduction.
C. To claim a refund of taxes paid.
D. To remain in favor with the IRS.
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