A Business Incurring a Net Operating Loss in a Taxable

question 59

True/False

A business incurring a net operating loss in a taxable year can carry the loss back two years and forward 15 years.

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Definitions:

Resource Partitioning

The process by which competing species use the environment differently in a way that helps them to coexist.

Competitive Exclusion

A principle in ecology that states two species competing for the same limited resource cannot coexist at constant population values, one will always outcompete the other.

Competition

The interaction between organisms or species, where the fitness of one is lowered by the presence of another.

Commensalism

A type of symbiotic relationship where one organism benefits from the association while the other is neither benefited nor harmed.