Identify Which of the Following Statements Is True

question 47

Multiple Choice

Identify which of the following statements is true.

• A)An affiliated group member incurring an NOL in a separate return year that is available as a carryback or carryforward to a consolidated return year is subject to a limit on the use of the NOL when the loss year is designated a separate return limitation year (SRLY).
• B)A consolidated NOL may be carried back one year and carried forward twenty years.
• C)An NOL incurred in a separate return limitation year by the corporation that is the common parent corporation for the group in the carryover year is subject to the SRLY limitation.
• D)All of the above are false.

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Definitions:

U.S. Nonprofit Sector

The segment of the United States economy composed of organizations that operate for public or social benefit rather than for profit, including charities, foundations, and advocacy groups.

International Classification

A system used to categorize entities or information on a global scale, making international coordination and analysis possible.

Nonprofit Organizations

Entities that operate for the public or social benefit without the primary goal of making profits for owners or shareholders.

Nonprofit Sector Project

An initiative or plan undertaken within the nonprofit sector aimed at achieving specific social, cultural, or community objectives.