If a C Corporation Incurs a Net Operating Loss in 2019

question 58

True/False

If a C corporation incurs a net operating loss in 2019 and carries the loss forward to 2020, the NOL carryover is not allowed to offset 100 percent of the corporation's taxable income (before the net operating loss deduction).

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Definitions:

Almond-shaped

Refers to something that resembles the shape of an almond, often used to describe certain body parts, like the amygdala in the brain.

Fimbriae

Thin, hair-like projections from the surface of a cell, organism or structure, often found in bacteria to aid in attachment to surfaces and in the female reproductive system to help move the ovum.

GTT

An acronym for glucose tolerance test, a test to measure the body's ability to metabolize glucose.

Upper Genital

Refers to the upper part of the female reproductive system, primarily involving the uterus, fallopian tubes, and ovaries.