Identify Which of the Following Statements Is True

question 1209

Multiple Choice

Identify which of the following statements is true.

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

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Definitions:

Superior

Someone or something that is higher in rank, quality, or importance than others.

Traits

Characteristic patterns of thought, emotion, and behavior that are relatively stable over time and across situations, distinguishing one person from another.

Social Allergy Effect

A phenomenon where repeated exposure to a small irritating behavior in a close relationship leads to an increasingly larger annoyance or distress.

Annoyed

Feeling bothered, irritated, or displeased.