If a farm business incurs a net operation loss (NOL) in a certain tax year, the NOL:

(1pts)

can be used to reduce taxable income in a past tax year, only

can be used to reduce taxable income in a future tax year, only

cannot be used to reduce taxable income in another tax year

can be used to reduce taxable income in a past tax year or a future tax year

4)

Income that qualifies as a capital gain is also subject to self-employment tax.

(1pts)

True False