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According to the Tax Cuts and Jobs Act, individuals can only deduct up to $ 2 5 0 , 0 0 0 of excess business

According to the Tax Cuts and Jobs Act, individuals can only deduct up to $250,000 of excess business losses in the current year if filing as single. Since Sheila's loss of $215,000 is below this threshold, she can carry forward the entire amount as a net operating loss (NOL).

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