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.

---

Definitions:

Genetic Drift

An evolutionary process marked by random variations in allele frequencies within a population across generations.

Existing Population

Refers to the current number of individuals of a particular species living in a particular region or habitat.

DNA to RNA

Describes the process of transcription, where the DNA sequence of a gene is copied into messenger RNA (mRNA), which is essential for protein synthesis.

Conversion

The process of changing something from one form or use to another, in religious context, it refers to adopting a new faith or belief system.