Javier incurred a $40,000 net operating loss in 2018. In 2019, he earned $35,000 of taxable income. Javier will be able to take an NOL deduction in 2019 of

A) $35,000.

B) $40,000.

C) $28,000.

D) $26,250.

A single taxpayer earns $500,000 of salary income and $20,000 of interest income. The taxpayer is also a partner in a partnership. The taxpayer is a material participant in the partnership. His share of the partnership's loss for the year is $300,000. The taxpayer will report AGI of

A) $520,000.

B) $270,000.

C) $220,000.

D) $250,000.