A loss incurred by a corporation a. cannot be used to reduce taxes in other years except with special permission from the IRS. b. can be carried back 3 years or forward 10 years, whichever is more advantageous to the firm. c. can be carried back 5 years and forward 3 years. d. must be carried back 2 years before being carried for 5 years. e. can be carried forward indefinitely. A loss incurred by a corporation a. cannot be used to reduce taxes in other years except with special permission from the IRS. b. can be carried back 3 years or forward 10 years, whichever is more advantageous to the firm. c. can be carried back 5 years and forward 3 years. d. must be carried back 2 years before being carried for 5 years. e. can be carried forward indefinitely