Bingo Corporation incurred a $9 million net operating loss in 2021. Bingo reported taxable income of $12 million in 2022. Bingo can offset the entire 59 million NOL carryover 5) against taxable income in 2022. 5) OO true false 6) Corporations may carry a net operating loss sustained in 2021 back two years and forward indefinitely O true false 7) A corporation evaluates the need for a valuation allowance by comparing both positive and negative evidence that the corporation will realize a deferred tax asset in the future. 7) true O false 8) Suppose that on December 22, 2020 Congress increased the corporate tax rate from 21 percent to 25 percent effective in 2021. The tax rate change will affect only deferred tax assets and liabilities that arise in 2021 and thereafter. Version 1 2