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Smith Company operates a farm-related business. It suffers an operating loss of $100,000 in 20X3. Smith incurred taxable income of $150,000 in 20X2 and taxable
Smith Company operates a farm-related business. It suffers an operating loss of $100,000 in 20X3. Smith incurred taxable income of $150,000 in 20X2 and taxable income of $75,000 in 20X1. Smith qualifies to use the NOL carryback. Which year(s) will the NOL carryback affect?
20X1 only
20X1 and 20X2
20X2 only
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