Name: EXAM 3 ACT300 Summer Semester, 2 29. Which of following is true for Net Op

Question

Name: EXAM 3 ACT300 Summer Semester, 2 29. Which of following is true for Net Operating Losses (NOLs ofa raied back 2 I. Carried back 5 years IV. Carried forward 5 years II. Carried back 3 years V. Carried forward 3 years VI. Carried forward 20 years a. and V d. 1 and VI I and VI. b. . and IV. e. All are acceptable. c. 30. Which of following is true for Capital Losses of a C Corporation: I. Carried back 5 years IV. Carried forward 5 years II. Carried back 3 years V. Carried forward 3 years III. Carried back 2 years VI. Carried forward 20 years c. I and VI Il and V. Il and IV b. e. I. and IV. All are acceptable. a. d. 31. The lookback period for purposes of computing non-recaptured Section 1231 lo 10 years. 7 years. 5 years. b. 3 years e. indefinite. a. C. d.

Explanation / Answer

Ans.29 (D) II and VI

Net operating losses of a C corporation overall carry back periods is 2 years but 8 state use carry back periods 3 years and carried forward periods is 20 years

So according to available answer (D) is correct answer

Ans.30 (D) II and IV

Capital losses of a C corporation carry back period is 3 years and carried forward period is 5 years.

So (D) is correct answer

Ans.31 (D) 5 years

The lookback period for purposes of computing non-recaptured section 1231 losses is 5 years

So (D) is correct answer

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