A net operating loss adjustment from a previous year is an item that is not taken into account when calculating accumulated tax liability for such accumulated earnings tax.
What is income?
The money that a person or organization receives in return for their labor or products is referred to as income. Depending on the situation, such as in taxation, financial accounting, or economic analysis, the definition of income may vary.
The majority of people define their income as all of their receipts, including wages and salaries, investment returns, pension payments, and other types of payments. For businesses, income consists of the profits from selling their goods and services as well as any interest or dividends they may have received in relation to their cash accounts and business reserves.
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Question:
An item not subtracted in determining accumulated taxable income for the accumulated earnings tax is
A. dividends paid within 2 ½ months after the end of the corporate tax year
B. net long-term capital gains reduced by the attributable taxes
C. net capital losses
D. a net operating loss deduction from a prior year.
