Which of the following statements is false for a C corporation that incurred a net operating loss for a tax year beginning before 2018?
A)If it carries back the NOL and/or carries it forward, it may offset up to 80 percent of the taxable income (before the NOL deduction)in those years.
B)It may carry the NOL forward for up to 20 years and offset up to 100 percent of the taxable income (before the NOL deduction)in those years.
C)It may carry the NOL back two years and offset up to 100 percent of the taxable income (before the NOL deduction)in those years.
D)None of these (selecting this option means you believe all of the other responses are true).

Question

Quizplus · Accepted Answer

For tax years beginning before 2018, C corporations could carry back NOLs two years and carry them forward 20 years to offset 100% of taxable income in those years, not up to 80%. The 80% limit applies to losses arising in tax years beginning after 2017.

Which of the Following Statements Is False for a C