If a C corporation incurs a net operating loss in 2019 and carries the loss forward to 2020, the NOL carryover is not allowed to offset 100 percent of the corporation's taxable income (before the net operating loss deduction).

Question

Quizplus · Accepted Answer

Under the Tax Cuts and Jobs Act, for losses arising in tax years beginning after December 31, 2017, the NOL deduction is limited to 80% of taxable income for carryforwards.

If a C Corporation Incurs a Net Operating Loss in 2019