(i) Itemized deductions (ii) Optional standard deduction 48 | P a g e 2010-2015 Taxation Law Bar Examinations The excess of allowable deductions…

The question

(i) Itemized deductions (ii) Optional standard deduction 48 | P a g e 2010-2015 Taxation Law Bar Examinations The excess of allowable deductions over gross income of the business in a taxable year is known as: (2011 Bar Question)

1. A.net operating loss.
2. B.ordinary loss.
3. C.net deductible loss.
4. D.NOLCO.

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