Key and Glass Corporations Were Organized in 2018 Which of the Following Statements Is Not Correct?
A) Key's

Key and Glass Corporations were organized in 2018. They became an affiliated group and filed separate tax returns. In 2019, the corporations begin filing a consolidated tax return. Key and Glass report the following results:
$\begin{array}{|l|c|c|}\hline\text { Consolidated } & \begin{array}{c}\text { Income (loss) } \\\mathbf{2 0 1 8}\end{array} & \begin{array}{c}\text { Income (loss) } \\\mathbf{2 0 1 9}\end{array} \\\hline \text { Key } & (\$ 30,000) & \$ 50,000 \\\text { Glass } & 10,000 & (35,000) \\\hline\end{array}$ Which of the following statements is not correct?

A) Key's last year NOL cannot offset this year's consolidated taxable income.
B) Key's current year income must first be offset by Glass's current year loss.
C) Key's last year NOL cannot offset Glass's last year profits.
D) All of the above are correct.