1. In 2022, a business suffered the theft of a truck. Before the theft, the fair market value of the truck was $45,000. The adjusted basis of the truck is $25,000 and the insurance reimbursement is $15,000.

What is the amount of the business theft loss?

Group of answer choices

$20,000

$30,000

$0

$10,000

2. In 2022, a taxpayer had a net operating loss (NOL). Net operating losses (NOLS) can be

Group of answer choices

carried forward a maximum of 15 years.

carried forward a maximum of 20 years.

can be carried forward indefinitely.

cannot be carried forward.

3. An individual is considered a material participant if they pass which of the following tests?

Group of answer choices

The activity is a significant participation activity for the tax year, and the individual's aggregate participation in all significant participation activities during such year exceeds 500 hours.

The individual participates in the activity for more than 50 hours during the tax year and not less than any other individual (including nonowners) during the tax year.

The activity is a personal service activity that the taxpayer materially participated in for the first time last year.

The individual owns 90% of the business activity.

Quiz due in 30 minutes. Multiple choice