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A Loss Incurred by a Corporation

Question 47

Multiple Choice

A loss incurred by a corporation


A) Must be carried forward unless the company has had 2 loss years in a row.
B) Can be carried back 2 years, then carried forward up to 20 years following the loss.
C) Can be carried back 5 years and forward 3 years.
D) Cannot be used to reduce taxes in other years except with special permission from the IRS.
E) Can be carried back 3 years or forward 10 years, whichever is more advantageous to the firm.

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