Which of the following statements is false for a C corporation that incurred a net operating loss for a tax year ending in 2017?
A)If it carries back the NOL and/or carries it forward,it may offset up to 80% of the taxable income (before the NOL deduction)in those years.
B)It may carry the NOL forward for up to 20 years and offset up to 100% of the taxable income (before the NOL deduction)in those years.
C)It may carry the NOL back two years and offset up to 100% of the taxable income (before the NOL deduction)in those years.
D)None of these (selecting this option means you believe all of these responses are true).

Question

Quizplus · Accepted Answer

The 80% limitation on NOL deductions applies to losses arising in tax years beginning after December 31, 2017. For losses incurred in 2017, the NOL can offset up to 100% of taxable income when carried back or forward.

Which of the Following Statements Is False for a C