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Golf Corporation generates a $ 4 0 , 0 0 0 net operating loss in 2 0 2 4 . Leo Trees, the Golf CEO,

Golf Corporation generates a $

40, 000

net operating loss in

2024 .

Leo Trees, the Golf CEO, expects to offset all of the

2025

taxable income with the NOL. Complete the following sentence pertaining to this scenario.

Use of a net operating loss is limited to fill in the blank

1

%

of the taxable income in a particular year.

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