A corporation incurs a net operating loss in 2018. The NOL can be carried back two years and forward for 20 years.

Name: A corporation incurs a net operating loss in 2018. The NOL can be carried back two years and forward for 20 years.
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Question

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The Tax Cuts and Jobs Act of 2017 eliminated the carryback of net operating losses for most businesses and allowed indefinite carryforward, but limited the deduction to 80% of taxable income for losses arising in tax years beginning after December 31, 2017.

A Corporation Incurs a Net Operating Loss in 2018