ADMITTED ASSETS are assets whose values are permitted by state law to be included in the annual statement.
NET OPERATING LOSS (NOL) is experienced by a business when business deductions exceed business income for the fiscal year. For income tax purposes, a net operating loss can be used to offset income in a prior year, or a taxpayer can elect to forego the carry back and carry the net operating loss forward.
SHAREHOLDER is an individual or company, (including corporations) that legally owns one or more shares of a company.
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