Net Operating Tax Carry Backs and Carry Forwards Never Result

question 34

True/False

Net operating tax carry backs and carry forwards never result in a cash refund of prior taxes paid but may result in a reduction in taxes for subsequent years.

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Definitions:

Hematopoietic System

The organs and tissues involved in the production of blood cells, including the bone marrow, spleen, and lymph nodes.

Gonads

The primary reproductive organs, testes in males and ovaries in females, that produce gametes and sex hormones.

Leukemia

A type of cancer that affects blood and bone marrow, characterized by the overproduction of abnormal white blood cells.

Sonogram

An imaging method that uses high-frequency sound waves to produce images of structures within your body, often used for evaluating fetal development.