1.
Generally, for C corporations, net capital losses can be carried back _____ years and carried forward ________ years before expiring while net operating losses can be carried forward ______.
Choose the answer that lists the answers in the appropriate order of the blanks to make the statement true
I. |
2, 5, 20 years |
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II. |
3, 5, 20 years |
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III. |
2, 20, indefinitely |
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IV. |
3, 5, indefinitely |
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V. |
None of the above. 2. Which of the following is LEAST likely to protect ALL owners from being personally responsible for business liabilities?
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Answer: 1 (IV)
Net capital losses can be carried back - 3 Years for S corporation.
Net capital losses can be carried Forward - 5 Years for S corporation.
Net operating losses can be carried forward - Indefinitely.
Answer : 2 (III) Sole proprietorship
Note: In sole Proprietorship Owner is fully responsible so it protects least the owner from personal Liability.
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