All of the following, except one, are requisites in the carry-over of net operating loss? There must be no substantial change in the ownership of the business. Carry-over is not allowed if the corporation is subject to MCIT during the taxable year. Even if the corporation paid MCIT, the running of the prescriptive period is not interrupted. The carry-over is good for one year.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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All of the following, except one, are requisites in the carry-over of net operating loss?

  1. There must be no substantial change in the ownership of the business.
  2. Carry-over is not allowed if the corporation is subject to MCIT during the taxable year.
  3. Even if the corporation paid MCIT, the running of the prescriptive period is not interrupted.
  4. The carry-over is good for one year.
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