A Newly Formed S Corporation Does Not Receive Any Tax

question 128

True/False

A newly formed S corporation does not receive any tax benefit from an NOL incurred in its first tax year.

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Definitions:

Variable

denotes an element, feature, or factor that can change or vary within the context of a study, experiment, or statistical analysis.

Concept

A general idea or understanding that represents a class of phenomena, objects, or events.

Disadvantaged Populations

Groups of people who face greater obstacles to health, education, and economic opportunity due to social, economic, or environmental disadvantages.

Validity

The degree to which a test or measurement accurately reflects or assesses the specific concept that it is intended to measure.