In the Current Year, Amber, Inc

Multiple Choice

In the current year, Amber, Inc., a calendar C corporation, has income from operations of $200,000 and operating deductions of $225,000. Amber also had $30,000 of dividends from a 25% stock ownership in a domestic corporation. Which of the following statements is incorrect with respect to Amber's net operating loss deduction?

A) The NOL is carried back 3 years and forward 10 years by Amber.
B) Amber's NOL is $19,000.
C) A dividends received deduction is allowed in computing Amber's NOL.
D) Amber can elect to forgo the carryback period and only carry forward the NOL.
E) None of the above.