Which of the following statements appears correct for a corporation - 15486

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Which of the following statements appears correct for a corporation with a negative net income in both the present and the last fiscal year?
 
This year's loss can be carried back, but last year's loss cannot be used.
 
Neither of the losses can be used to reduce taxes.
 
Both losses can be carried forward and backward, within certain time limits.
 
Both losses can be carried forward but not backward.
                                       

Solution Description

 

Which of the following statements appears correct for a corporation with a negative net income in both the present and the last fiscal year?