In providing the deduction for net operating losses, Congress intended to allow a taxpayer to deduct only his true economic loss or business loss.Accordingly, such nonbusiness expenses as a personal casualty loss do not increase a taxpayer's NOL.

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The Answer of In providing the deduction for net operating losses, Congress intended to allow a taxpayer to deduct only his true economic loss or business loss.Accordingly, such nonbusiness expenses as a personal casualty loss do not increase a taxpayer's NOL.

In Providing the Deduction for Net Operating Losses, Congress Intended