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:

Sheep

Domesticated ruminant mammals, typically kept as livestock for wool, meat, and milk.

Operant Conditioning

A method of learning where behavior is altered by either enforcing it positively or disciplining through consequences.

Child

A young human being below the age of puberty or below the legal age of majority.

Voluntary Responses

Behaviors that are under conscious control, typically as a result of conscious decision making.