NOL and capital loss carryovers are deductible in calculating the charitable contribution limit modified taxable income, while capital loss carrybacks are not.

Question

Quizplus · Accepted Answer

NOL (net operating loss) and capital loss carryovers can be used to reduce taxable income, which in turn affects the calculation of the charitable contribution limit. However, capital loss carrybacks (using a loss from a previous year to offset taxes in the current year) do not affect the current year's taxable income and therefore do not impact the charitable contribution limit.

NOL and Capital Loss Carryovers Are Deductible in Calculating the Charitable