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

II.

3, 5, 20 years

III.

2, 20, indefinitely

IV.

3, 5, indefinitely

V.

None of the above.

2.

Which of the following is LEAST likely to protect ALL owners from being personally responsible for business liabilities?

	I.	Limited partnership
	II.	C corporation
	III.	Sole proprietorship
	IV.	Both II. and III.