Valley Inc. incurred a $71,400 net operating loss this year. Which of the following statements is true?
A) Valley can use the NOL only as a carryforward deduction.
B) Valley can use the NOL only as a carryback deduction.
C) Valley can elect to use the NOL as a carryforward deduction.
D) None of the above is true.
Correct Answer:
Verified
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