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.

Question

Quizplus · Accepted Answer

The Tax Cuts and Jobs Act (TCJA) of 2017 changed the rules for net operating losses (NOLs) for tax years ending after 2017. It eliminated the two-year carryback option for most businesses but allowed for an indefinite carryforward period, replacing the previous 20-year limit.

For Tax Years Ending After 2017, Which of the Following