Patrick has a business net operating loss of $70,000 in 2021. Patrick's business started in 2019 and generated significam ollowing is true? Da. Patrick must carry forward the net operating loss (no carryback is available) Ob. Patrick may use the net operating loss to offset income from any year he chooses Oc. Net operating losses can offset 100% of the income in future years. d. Patrick may elect to offset the income he generated in 2019 and 2020 with 2021's net operating loss. The remaining set operating loss if any) income. Oe. None of these choices are correct.

Patrick has a business net operating loss of $70,000 in 2021. Patrick's business started in 2019 and generated significam ollowing is true? Da. Patrick must carry forward the net operating loss (no carryback is available) Ob. Patrick may use the net operating loss to offset income from any year he chooses Oc. Net operating losses can offset 100% of the income in future years. d. Patrick may elect to offset the income he generated in 2019 and 2020 with 2021's net operating loss. The remaining set operating loss if any) income. Oe. None of these choices are correct.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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