Which of the Following Statements Is False for a C

question 55

Multiple Choice

Which of the following statements is False for a C corporation that incurred a net operating loss for a tax year ending in 2017?

• A) If it carries back the NOL and/or carries it forward, it may offset up to 80% of the taxable income (before the NOL deduction) in those years.
• B) It may carry the NOL forward for up to 20 years and offset up to 100% of the taxable income (before the NOL deduction) in those years.
• C) It may carry the NOL back two years and offset up to 100% of the taxable income (before the NOL deduction) in those years.
• D) None of these (selecting this option means you believe all of these responses are True).

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Definitions:

Deposition

The process where material is laid down or settles in a new location.

Gradient

A measure of the steepness or incline of a surface, often expressed as a ratio of vertical rise to horizontal distance.

Water Velocity

The speed at which water flows in a given direction within a river, stream, or other body of water.

Downstream

In the direction that a stream or river flows, from its source towards its mouth, often used to describe areas or processes occurring in this direction.