Which of the Following Statements Is True for a C

question 70

Multiple Choice

Which of the following statements is true for a C corporation incurring a net operating loss (NOL) for a tax year that begins in 2018?

• A)It may carry the NOL back two years and forward 20 years.
• B)It may not carry the NOL back to prior years but it may carry it forward 20 years.
• C)It may not carry the NOL back to prior years but it can carry the loss forward indefinitely.
• D)It may carry the loss back two years and carry the loss forward indefinitely.
• E)None of the choices are correct.

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Definitions:

Embryonic Cells

Cells derived from an embryo that have the potential to develop into any type of cell in the organism.

Crossing-Over

A process during meiosis where homologous chromosomes exchange genetic material, leading to new genetic combinations in offspring.

Genes

Units of heredity made up of DNA that code for the synthesis of proteins responsible for the organism's characteristics and functions.

Chromosome

A long DNA molecule with part or all of the genetic material of an organism.