Patrick Has a Business Net Operating Loss of $70,000 in 2014

Patrick has a business net operating loss of $70,000 in 2014. Patrick's business generated significant taxable profits in 2012 and in 2013. Which of the following is true? ​

A) Patrick may offset income he generated in 2012 and 2013 with 2014's net operating loss by carrying the net operating loss back to each of those tax years. The remaining net operating loss (if any) can be carried forward and used to offset future taxable income.
B) Patrick may use the net operating loss to offset income from any year he chooses.
C) Net operating losses can offset only future income.
D) Patrick may elect to offset the income he generated in 2013 with 2014's net operating loss. The remaining net operating loss (if any) can be used to offset future taxable income.
E) None of the above.