A Corporation that incurs a taxable loss is entitled to offset the loss as follows:

Question

Quizplus · Accepted Answer

Net operating losses (NOLs) for corporations can generally be carried back 3 years and carried forward 20 years to offset taxable income in those years, providing tax relief by allowing a corporation to apply a current year's net operating losses to past and future tax years. However, tax laws can vary by jurisdiction and may change over time, so it's important to consult current tax regulations or a tax professional for the most accurate information.

A Corporation That Incurs a Taxable Loss Is Entitled to Offset