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:

Criticize

To express disapproval of someone or something based on perceived faults or mistakes.

After-School Conference

A meeting held after school hours, often between teachers and parents, to discuss a student's progress or issues.

Falling Grades

Refers to a decline in academic performance or the lowering of scores on assignments and exams.

Control

The power to influence or direct people's behavior or the course of events.