A Corporation Had an Operating Loss in 2002

question 18

Multiple Choice

A corporation had an operating loss in 2002. All prior years had positive earnings. In utilizing thetax laws on carrybacks and carryforwards on operating losses a corporation

• A) has the option of selecting whether to carryforward or carryback the loss.
• B) must carryback the operating loss for at least one year before it can carryforward.
• C) must first carryback the loss to 2001, then to 2000 and 1999.
• D) must first carryback the loss to 1999, then to 2000 and 2001.

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