Calipso Corporation has a $62,000 net operating loss carryover from 2010. Net operating losses incurred before 2018 may be carried forward only 15 years. Question 28 options: True False

In 2023, Janus Corporation realized a net operating loss of $550,000. Which of the following is true when computing a corporation's net operating loss (NOL) for the current year? Question 27 options: A corporation may not deduct a net operating loss generated in a different year. A corporation may deduct a net operating loss carryover against a capital gain in the current year in calculating its current year NOL, but may not deduct a net capital loss carryback against a net capital gain in calculating its current year NOL. When a corporation has multiple NOLs, it must apply the oldest NOL first. All of the above are correct. None of the above are correct.

lton Corporation realized a $95,000 net capital loss in 2023. Which of the following statements are correct regarding the tax treatment of this loss? Question 23 options: The loss may be carried forward 5 years, but not carried back. The loss is carried back 3 years (earliest year first) and then carried forward 5 years (earliest year first) The loss is carried back 3 years (latest year first) and then carried forward 5 years (earliest year first) The loss is carried back 5 years (earliest year first) and then carried forward 3 years (earliest year first) Question 24 (1 point)