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Tony incurred a $40,000 net operating loss in 2019. In 2020, he earned $30,000 of taxable income. Tony will be able to take an NOL
Tony incurred a $40,000 net operating loss in 2019. In 2020, he earned $30,000 of taxable income. Tony will be able to take an NOL deduction in 2020 of (ignore CARES Act amount)? Show work.
A) $24,000.
B) $40,000.
C) $30,000.
D) $26,250.
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