Solved

Which of the Following Statements Appropriately Describe the Different Effects

Question 74

Multiple Choice

Which of the following statements appropriately describe the different effects of operating loss carrybacks and carryforwards?

A) operating loss carrybacks result in a current asset and operating loss carryforwards result in a deferred tax asset.
B) operating loss carrybacks result in a retrospective asset and operating loss carryforwards result in a prospective asset.
C) operating loss carrybacks result in a deferred tax asset and operating loss carryforwards result in a deferred tax liability.
D) operating loss carrybacks result in a deferred tax liability and operating loss carryforwards result in a deferred tax asset.

Correct Answer: