The amount of a farming loss cannot exceed the amount of the taxpayer's NOL for the taxable year.

Name: The amount of a farming loss cannot exceed the amount of the taxpayer's NOL for the taxable year.
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Quizplus · Accepted Answer

This statement is true according to the tax code. If a taxpayer has a farming loss, it can be used to offset other income, but it cannot exceed the amount of the taxpayer's net operating loss (NOL) for the same taxable year.

The Amount of a Farming Loss Cannot Exceed the Amount