The carry$-$over of NOLCO is allowed when:

a$.$ the net operating loss is sustained from an exempt year.

b$.$ there is a change for at least $75\%$ of the paid$-$up capital or nominal value of the outstanding shares of a corporation.

c$.$ the business is acquired by another taxpayer.

d$.$ there is a change in the controlling shareholder representing $51\%$ ownership. chapter dis corporate

Which is incorrect with regard to the net operating loss carry$-$over $($NOLCO$)?$

a$.$ NOLCO can be claimed together with Optional Standard Deductions.

b$.$ NOLCO cannot be claimed if the net operating loss arises in a year where the taxpayer is exempt from income tax.

c$.$ NOLCO can be carried over to a period of three years.

d$.$ NOLCO cannot be claimed by non$-$resident foreign corporation.