Identify Which of the Following Statements Is True

question 80

Multiple Choice

Identify which of the following statements is true.

• A)A corporate capital loss can be carried back three years, and then can be carried forward five years.
• B)Corporate capital loss carrybacks can offset corporate ordinary income earned in previous years.
• C)At the election of a corporation, a net capital loss carryback can be forgone and carried forward only.
• D)All of the above are false.

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Definitions:

Easement By Necessity

An easement that is created when it is essential for the reasonable use of a property, typically for access.

Subdivided

Refers to a piece of land or structure that has been divided into smaller parts for sale, lease, or development.

Fixture

An item of personal property that has been attached to land or a building in such a way that it is considered legally to be a part of the property.

Attached Item

denotes an object or document that is physically or electronically linked to another item for reference or clarification.