Cole has a net operating loss for the current year, 20x8 (after 2017), of $80,000. His taxable income for prior years, computed without regard to the net operating loss, were as follows:

20x5 $50,000

20x6 $40,000

20x7 $30,000

Which of the following statements is true with regard to this net operating loss?

Group of answer choices

Cole cannot carryback any of the NOL.

Cole can carryback the NOL for two years and his carryforward to the future will be $10,000.

Cole can carry the NOL forward for 20 years.

If Coles itemized deductions had been greater for the year his NOL definitely would have been larger.