A corporation's net operating loss may be carried ____ years and ____ years to offset taxable income in those years.
A) back 20, forward 2
B) back 3, forward 5
C) back 5, forward 15
D) back 2, forward 20

Question

Quizplus · Accepted Answer

A corporation's net operating loss can be carried back 2 years and forward 20 years to offset taxable income in those years, according to the tax laws prior to the Tax Cuts and Jobs Act of 2017. However, post-2017, the carryback is generally eliminated, and losses can be carried forward indefinitely.

A Corporation's Net Operating Loss May Be Carried ____ Years