Which of the following statements regarding net operating losses generated in 2020 is true?
A) Corporations can carry NOLs back two years and forward up to 20 years.
B) A corporation can carry over the NOL indefinitely.
C) A corporation can carry NOLs back two years and forward indefinitely.
D) When a corporation applies a net operating loss carryover, it reports a favorable, permanent book-tax difference in the amount of the applied carryover.
E) None of these is a true statement.
Answer: B