Identify Which of the Following Statements Is True

question 64

Multiple Choice

Identify which of the following statements is true.

• A)A corporate NOL can be carried back two years and forward 15 years.
• B)An election to forgo an NOL carryback must be made on or before the return due date (including extensions)for the year in which the NOL is incurred.
• C)In computing an NOL for the current year,a deduction is allowed for NOLs from previous years.
• D)All of the above are false.

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Definitions:

Orientation

Orientation typically refers to the layout or direction in which something is set or arranged, often used in context with screen or page setup options like portrait or landscape mode.

Portrait

An orientation of a page, image, or document where the height is greater than the width, typically used for individual photographs or paintings.

Landscape

An orientation for documents or media where the width is greater than the height, opposite of portrait orientation.

Shape Outline

A feature in graphic design and word processing software that applies an outline effect to the edges of a shape, enhancing its visual distinction.