Which statement is INCORRECT about net operating losses under the CARES Act? OGwen has a 2018 NOL caused by a casualty loss She may carry the loss back five years to her 2013 return, then forward indetinitely Sam has a 2019 NOL caused by a casualty loss If he carries the loss forward to his 2020 return, the 80% taxable income limitation will apply. O LIy has a 2018 NOL caused by a casualty loss. She may walve any carryback by altaching a statement to her timely-filed 2020 retum. O Ted has a 2019 NOL caused by a casualty loss He may carry back the NOL by fling Form 1040-X within three years of the due date (including exdensions) of his 2019 return

Which statement is INCORRECT about net operating losses under the CARES Act? OGwen has a 2018 NOL caused by a casualty loss She may carry the loss back five years to her 2013 return, then forward indetinitely Sam has a 2019 NOL caused by a casualty loss If he carries the loss forward to his 2020 return, the 80% taxable income limitation will apply. O LIy has a 2018 NOL caused by a casualty loss. She may walve any carryback by altaching a statement to her timely-filed 2020 retum. O Ted has a 2019 NOL caused by a casualty loss He may carry back the NOL by fling Form 1040-X within three years of the due date (including exdensions) of his 2019 return

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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