20

Question 20 (1 point) Ned Jones experienced a $70,000 net operating loss (NOL) from his sole proprietorship in 2019. In 2020, his Total Income (as shown on the tax return) is $80,000. In 2018, his Total Income (as shown on the tax return) was $100,000. Which of the following statements regarding the tax treatment/effects of his net operating loss is true? PICK ALL THAT APPLY!! 12 15 Ned could carry back his NOL to 2018 through an amended return and claim a refund for prior taxes paid. 18 Ned could only carry forward his 2019 NOL. 21 Ned will have to carry forward some of his NOL to 2021. Ned can use $64,000 of his NOL in 2020