Which One of the Following Statements Is Correct for a Corporation

Which one of the following statements is correct for a corporation with a negative net income in both the present and the last fiscal year?

A) this year's loss can be carried back, but last year's loss cannot be used.
B) neither of the losses can be used to reduce taxes.
C) both losses can be carried forward but not backward.
D) both losses can be carried forward and backward, within certain time limits.