If an individual has no loss carry overs from other years, the current year Net Income For
Tax Purposes will be equal to Taxable Income.

Name: If an individual has no loss carry overs from other years, the current year Net Income For Tax Purposes will be equal to Taxable Income.
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Question

Quizplus · Accepted Answer

Net Income for Tax Purposes and Taxable Income can differ due to deductions, credits, and exemptions that reduce the Net Income to arrive at the Taxable Income.

If an Individual Has No Loss Carry Overs from Other