he last day of the month D) $100,000 ordinary loss; $50,000 ordinary loss carryforward (23) Identify which of the following statements is false. A) A corporation's fiscal year generally must end on the last day of B) A fiscal year may not end on December 31. C) A new corporation can elect a fiscal year that runs from February 16 the following year. D) A corporation's first tax year may not cover a full 12-month period. (24. Identify which of the following statements is true. A) A corporate capital loss can be carried back three years, and then can be carried forward five years. February 16 to Fenice B) Corporate capital loss carrybacks can offset corporate ordinary income earned in previous years. C) At the election of a corporation, a net capital loss carryback can be forg carried forward only. D) All of the above are false. 25. Trail Corporation has gross profit $180,000. In ada yback can be forgone and