21. (L.O. 3) A net operating loss occurs for tax purposes in a year when tax-deductible expenses exceed taxable revenues. Under certain circumstances the federal tax laws permit taxpayers to use the losses of one year to offset the profits of other years. For what period of time can net operating losses be offset against prior or future years' profits? Loss Carryback A. 0 years B. 2 years C. 3 years D. 15 years ABCD Loss Carryforward Indefinitely 20 years 15 years 3 years