All of the following statements are true with regard to qualifying business losses EXCEPT:

*

The loss will reduce any other current-year qualified business income of the taxpayer.

After reducing all current-year qualifying business income, any remaining loss will be carried forward to the following tax year.

Qualifying losses from 2017 were carried forward to the taxpayer's 2018 tax return.

Qualifying losses from 2018 are the first year losses to be carried forward to the following tax year