The Harris Consolidated Group Reports a Net Operating Loss (NOL)

question 167

Multiple Choice

The Harris consolidated group reports a net operating loss (NOL) for the year. The tax law works to:

• A)Allow unused charitable contributions a 20-year carryforward.
• B)Disallow any carrybacks of NOL deductions.
• C)Keep the consolidated group from benefiting when the election to consolidate is motivated chiefly by tax reduction strategies.
• D)All of the above statements describe effects of the consolidated return rules.