NOL Carryovers from C Years Can Be Used in an S

question 6

True/False

NOL carryovers from C years can be used in an S corporation year against ordinary income.

---

Definitions:

Inventory Accounts

Accounts used to track the value of a company's stored resources that are intended for sale.

Production Cost Report

A detailed report that provides information about the total cost and output of a production department or process for a given period.

Business Organization

A structured entity formed for the purpose of conducting commercial, industrial, or professional activities.

Just-In-Time Management

A management strategy that aligns raw-material orders from suppliers directly with production schedules, minimizing inventory levels and waste.