Identify which of the following statements is true.
A)A corporate NOL can be carried back two years and forward 15 years.
B)An NOL incurred before 2018 carries forward 20 years and is not subject to the 80% of taxable income limitation.
C)In computing an NOL for the current year, a deduction is allowed for NOLs from previous years.
D)All of the above are false.

Question

Quizplus · Accepted Answer

Option A is false as under the CARES Act, a corporate NOL can be carried back five years. Option C is false as in computing an NOL for the current year, a deduction is not allowed for NOLs from previous years.

Identify Which of the Following Statements Is True