A Taxpayer Incurs a Net Operating Loss in the Current

question 45

Multiple Choice

A taxpayer incurs a net operating loss in the current year.With respect to the application of the NOL

• A)the taxpayer will carry back the NOL three years first,then carry forward any balance for five years.
• B)the taxpayer must carry forward the loss and has up to 20 years to use it.
• C)the taxpayer can carry forward the loss indefinitely until there is sufficient taxable income to use it up.
• D)the taxpayer will first carry back the NOL for two years,then carry forward the balance for a period of 20 years,or the taxpayer can elect to only carry forward the loss for the 20-year allowable period.

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Definitions:

Interbreeding

The mating or reproduction between individuals from different populations, breeds, or species, leading to gene flow between populations.

Gene Flow

The movement of genetic diversity from one group to another, potentially resulting in alterations to the genetic makeup of the target group.

Genotype

The genetic makeup of an individual organism, referring to the specific alleles carried by an organism.

Type A Blood

One of the four major blood types in the ABO blood group system, characterized by the presence of A antigens on the surface of red blood cells and B antibodies in the plasma.