A Loss Incurred by a Corporation

Question 58
Multiple Choice

A loss incurred by a corporation A) must be carried back 2 years before being carried forward for 5 years. B) can be carried forward indefintely. C) can be carried back 5 years and forward 3 years. D) cannot be used to reduce taxes in other years except with special permission from the IRS. E) can be carried back 3 years or forward 10 years,whichever is more advantageous to the firm.