Identify which of the following statements is true.
A)An affiliated group member incurring an NOL in a separate return year that is available as a carryback or carryforward to a consolidated return year is subject to a limit on the use of the NOL when the loss year is designated a separate return limitation year (SRLY).
B)A consolidated NOL may be carried back one year and carried forward twenty years.
C)An NOL incurred in a separate return limitation year by the corporation that is the common parent corporation for the group in the carryover year is subject to the SRLY limitation.
D)All of the above are false.

Question

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The Answer of Identify which of the following statements is true.
A)An affiliated group member incurring an NOL in a separate return year that is available as a carryback or carryforward to a consolidated return year is subject to a limit on the use of the NOL when the loss year is designated a separate return limitation year (SRLY).
B)A consolidated NOL may be carried back one year and carried forward twenty years.
C)An NOL incurred in a separate return limitation year by the corporation that is the common parent corporation for the group in the carryover year is subject to the SRLY limitation.
D)All of the above are false.

Identify Which of the Following Statements Is True