Question

A corporate net operating loss arising in 2019 for a calendar year C corporation can be carried back 2 years and forward 20 years to offset taxable income for those years.

True

False

Answer 1

The given statement is true.

The net operating loss of C corporation, can be carried forward for 20 years and carried back for 2 years

In case the loss is casualty loss then that casualty loss of C corporation can carry back to 3 years. But this can be available only if the losses casualty loss.

In the case the loss is net operating loss, it can be carried forward to 20 years, if any of the losses still remaining after the 20 years then n the remaining lost will expired, it means we cannot set off and carry forward that net operating loss for further years.

By all the above discussion we can say that the given statement is true.

The answer is true.

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