Knowledge Check 01 Which of the following statements are correct regarding net operating losses? (Select all that apply.) Check All That Apply A NOL occurs when taxable revenues exceed tax-deductible expenses. If a NOL carryback is used, any NOL that remains after the two-year carryback can then be carried forward. Most companies elect to carry forward NOLS. The tax benefit created by a net operating loss should be recognized in the Income statement in the year the loss occurs. Knowledge Check 01 Which of the following statements are correct regarding net operating losses? (Select all that apply.) Check All That Apply A NOL occurs when taxable revenues exceed tax-deductible expenses. If a NOL carryback is used, any NOL that remains after the two-year carryback can then be carried forward. Most companies elect to carry forward NOLS. The tax benefit created by a net operating loss should be recognized in the Income statement in the year the loss occurs