A taxpayer generates a NOL in TY2018 and wants to know how the amounts will be treated for the federal and state purposes, respectively. Which answer best satisfies their inquiry? Select one: a. The NOL can be carried back two years, or it can be elected to be carried forward for both the federal and the state returns. b. The NOL is carried forward for the federal return, and for the state return it can be carried back two years, or elected to be carried forward instead. c. The NOL can only be carried forward for both the federal and the state returns. d. The federal NOL can be carried back two years and elected to be carried forward, while the state can only be carried forward