Which of the following is allowable as a deduction in calculating a corporation's net operating loss?
A)Charitable contribution deduction.
B)Net operating loss carryover from previous year.
C)Net capital loss carryback.
D)None of these choices are correct.

Question

Quizplus · Accepted Answer

Charitable contributions are allowable deductions in calculating a corporation's net operating loss. They are specifically included in the calculation of taxable income, which in turn affects the net operating loss calculation.

Which of the Following Is Allowable as a Deduction in Calculating