Crane Corporation incurs a $75,000 NOL in the current post-2020 year. In which years can Crane use this NOL? What limitations might apply?

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Part 1

A.

Crane Corporation may carry its NOL forward to the next 20 years. In carryover years, the NOL deduction might be limited to 80% of taxable income before the NOL deduction if the NOL carryover exceeds that limit.

B.

Crane Corporation may carry its NOL over to future years indefinitely. In carryover years, the NOL deduction might be limited to 80% of taxable income before the NOL deduction if the NOL carryover exceeds that limit.

C.

Crane Corporation may carry its NOL over to future years indefinitely. In carryover years, the NOL deduction might be limited to 60% of taxable income before the NOL deduction if the NOL carryover exceeds that limit.