An Election to Forgo an NOL Carryback Must Be Made

question 57

True/False

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.

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Definitions:

Period Cost

Costs that are not directly tied to the production of goods and are expensed in the period they are incurred.

Financial Accounting

The practice of recording, summarizing, and reporting the myriad of transactions resulting from business operations over a period of time.

Managerial Accounting

The practice of analyzing, presenting, and interpreting financial data to help managers make informed business decisions.

Economic Events

Transactions and occurrences that affect the financial position of a business, including sales, purchases, and investments.