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.

---

Definitions:

Laser Printers

Printers that use a laser beam to transfer toner onto paper, producing high-quality text and graphics quickly.

Home

The place where one lives permanently, especially as a member of a family or household.

Motherboard

The main printed circuit board (PCB) in a computer that connects together various components, including the central processing unit (CPU), memory, and connectors for input and output devices.

Computer

An electronic device capable of processing and storing data, executing programs, and performing tasks based on user inputs.