Steve and Holly have the following items for 2012: In calculating their net operating loss,and with respect to the above amounts only,what amount must be added back to taxable income (loss)?

Question

Steve and Holly have the following items for 2012:  In calculating their net operating loss,and with respect to the above amounts only,what amount must be added back to taxable income (loss)?

Quizplus · Accepted Answer

There is not enough information given to fully determine the amount that needs to be added back to taxable income. However, based on the limited information given, if the amount of $1,900 is the sum of non-deductible expenses such as fines, penalties, and lobbying expenses, then it would need to be added back to taxable income in order to calculate the net operating loss.

Steve and Holly Have the Following Items for 2012