Multiple Choice
For tax years ending after 2017, which of the following statements is incorrect with respect to the treatment of a net operating loss by a calendar year C corporation?
A) The deduction for any carryover year of the NOL is limited to 80% of taxable income (determined without regard to the NOL deduction) .
B) A corporation may claim a dividends received deduction in computing an NOL.
C) An NOL is generally carried back 2 years and forward 20 years.
D) Unlike individuals, corporations do not adjust their NOLs for net capital losses or nonbusiness deductions.
E) None of these.
Correct Answer:
Verified
Correct Answer:
Verified
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