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Identify which of the following statements is true. At the election of a corporation, a net capital loss carryback can be forgone and carried forward

Identify which of the following statements is true.

At the election of a corporation, a net capital loss carryback can be forgone and carried forward only.

Corporate capital loss carrybacks can offset corporate ordinary income earned in previous years.

A corporate capital loss can be carried back three years, and then can be carried forward five years.

All of the above are false.

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