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Required sons for interperiod allocation and comprchensive 1. Explain th and intra 2. Explain ncome under 3. Provi ion inc C18-3 LO 18.5 allocation Operating Losses The Internal Revenue Code allows a corporation to carry back or carry forward an "operating loss" for a given year. Required: 1. Describe an operating loss carryback and a a. carryforward. For a carryback, identify and briefly explain the two important conceptual questions. ne 2. CREATIVE AND CRITICAL THI Cases 18-57 For a carryforward, identify and briefly explain the two important conceptual questions. Briefly summarize the generally accepted accounting principles for the financial report ing of (a) an operating loss carryback and 3. 4. (b) an operating loss carryforward