Which One of the Following Statements Is Correct for a Corporation

question 21

Multiple Choice

Which one of the following statements is correct for a corporation with a negative net income in both the present and the last fiscal year?

• A)this year's loss can be carried back, but last year's loss cannot be used.
• B)neither of the losses can be used to reduce taxes.
• C)both losses can be carried forward but not backward.
• D)both losses can be carried forward and backward, within certain time limits.

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Definitions:

Canadians

Refers to the citizens or inhabitants of Canada, a country in North America, recognized for its diversity, multiculturalism, and natural landscapes.

Socialization

The process through which individuals learn and internalize the norms, values, and behaviors appropriate to their society.

Education System

Constitutes the collection of public and private institutions, policies, rules, arrangements, and processes by which education is delivered, including schools, colleges, universities, and online platforms.

Common Culture

Relates to shared set of values, norms, and practices that unify a group or society.