With respect to the use of loss carryovers, which of the following statements is correct?

Question

Quizplus · Accepted Answer

The principle of oldest losses being utilized first is known as the "first-in, first-out" (FIFO) rule and applies within each type of loss (i.e. net-capital losses, non-capital losses). Therefore, statement A is false, as net-capital losses can be used before non-capital losses. Statement B is also false, as non-capital losses are typically used before capital losses. Statement D is false, as claiming a non-capital loss carry forward will not affect the availability of the lifetime capital gains deduction.

With Respect to the Use of Loss Carryovers, Which of the Following