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Casualties, net operating losses and business credits

SEE 2 Chapter 17 · IRS outline 2B11, 2B13, 2B14

A spring storm flooded Pine Street Bakery, and a break-in took Daniel's tools. Copperline Tools finished the year in the red. At the same time, Copperline redesigned a drill and installed a wheelchair ramp, and hired a veteran from a target group. Walt asks whether any of this comes with a government 'thank you'. Often it does. Nadia teaches Theo to look at the credits last, once all the numbers are known, because credits are worth more than deductions.

In this chapter

1. Casualties and thefts of business property
2. Net operating losses
3. The general business credit
4. Credits for small employers
5. The research credit
6. The foreign tax credit for businesses

This chapter has 6 lessons and 58 practice MCQs with explanations, plus flashcards and a recall sheet.

What this chapter covers

• Casualties, thefts and condemnations
• business NOLs
• the general business credit
• small employer credits
• research credit
• foreign tax credit

Chapter 16: The qualified business income deduction · Chapter 18: Business assets: basis, sales, exchanges and repairs