1. A taxpayer has generated a net operating loss in the current year and is weighing whether to carryback the NOL or elect to carryforward the NOL. The factors to consider in making this decision include all of the following except:

A) Tax credits available in the carryback years B) Refundable tax credits expected in future years C) Time Value of Money D) Marginal tax rates in the relevant years

2. A taxpayer has low AGI this year, but unusually high itemized deductions. The one itemized deduction that is allowed to increase the NOL is:

A) Casualty loss on personal-use assets B) Medical expenses C) State & Local Income and property taxes D) Home mortgage interest