A Corporation that incurs a taxable loss is entitled to offset the loss as follows: Multiple Choice Carried back 7 years and forward 3 years Carried back 3 years and forward 20 years Carried back 3 years and forward 10 years Carried back 10 years and forward 3 years TB 17-33 A tax benefit represents: A tax benefit represents: Multiple Choice the final number of the taxable loss on the tax return the amount of refund to be received in the year assistance from the government the present and deferred benefit that the company will be able to realize from the tax loss through a reduction of income taxes