If a C corporation incurs a net operating loss in 2019, it may carry the loss back two years and forward 20 years to offset income in those years.

Question

Quizplus · Accepted Answer

As of the Tax Cuts and Jobs Act of 2017, net operating losses for C corporations incurred in 2018 and beyond can no longer be carried back to previous years but can be carried forward indefinitely to offset future income, subject to a limitation of 80% of taxable income for losses arising in tax years beginning after December 31, 2020.

If a C Corporation Incurs a Net Operating Loss in 2019