In the Current Year,Amber,Inc

question 75

Multiple Choice

In the current year,Amber,Inc. ,a calendar C corporation,has income from operations of $400,000 and operating deductions of $535,000.Amber also had $50,000 of dividends from a 10% stock ownership in a domestic corporation.Which of the following statements is incorrect with respect to Amber's net operating loss deduction?

• A)Amber's NOL is $120,000.
• B)The NOL is carried back 2 years and forward 20 years by Amber.
• C)No dividends received deduction is allowed in computing Amber's NOL.
• D)Amber can elect to forgo the carryback period and only carry forward the NOL.
• E)None of the above.

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Definitions:

Federal Law

The body of law created by the national government of a country, as opposed to state or local laws.

Sexual Orientation

An individual's pattern of emotional, romantic, or sexual attraction to men, women, both, neither, or to more than one gender.

Federal Law

Laws created by the federal government of a country, which apply to all residents and override state or local laws where there is a conflict.

Pregnancy-Based Discrimination

Discrimination faced by individuals due to pregnancy, childbirth, or related medical conditions, often prohibited under various employment laws.