The excess of allowable deductions over gross income of the business in a taxable year is known as: (2011 Bar Question)
2011 Bar Exam · Taxation Law · Question 31 · Multiple choice
The question
The excess of allowable deductions over gross income of the business in a taxable year is known as: (2011 Bar Question)
- A.net operating loss.
- B.ordinary loss.
- C.net deductible loss.
- D.NOLCO.
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