QUESTION 31 Net operating loss carry forwards are provisions in the tax laws allowing firms to use NOLs generated in the past to offset future taxable income. True False QUESTION 32 A transaction generally will be considered taxable to the seller if it involves the purchase of the target's stock (but not if it involves a purchase of assets) for substantially all cash, notes, or some other nonequity consideration. True False QUESTION 33 If a transaction involves a taxable purchase of assets, the acquiring company's tax cost or basis in the acquired assets is increased or "stepped up" to their fair market value. True False