2) A corporation generates a net operating loss in the current year. Which of the following statements is correct regarding the corporation's ability to deduct the NOL? A) The NOL can be carried forward five years, with any excess NOL lost. B) The NOL can only be carried forward, but the carryover period is unlimited. C) The NOL can be carried back three years and carried forward five years, with any excess NOL lost. D) The NOL can be carried back two years and carried forward 20 years, with any excess NOL Yost.