Which of the Following Are Not True of Net Operating

Multiple Choice

Which of the following are not true of net operating loss carrybacks and carryforwards?

A) Net operating loss carrybacks enable firms to recover previous taxes paid.
B) Net operating loss carryforwards enable firms to shelter future taxable income.
C) Net operating loss carryforwards may be applied to income up to 5 years into the future.
D) Loss corporations" cannot use a net operating loss carry forward unless they remain viable and in essentially the same business for at least 2 years following the closing of the acquisition.
E) None of the above