the tax cuts and jobs act made changes to net operating losses (NOLs) beginning with taxable years after 2017. what are the two primary components of this change?

A) the maximum amount of that can be offset with NOL deductions is reduced and NOLs can no longer be carried back to an earlier tax year.

B) the maximum amount of taxable income that can be offset remains at 100%, but NOLS can no longer be carried back to an earlier year.

C) the maximum amount of taxable income that can be offset has been reduced, but NOLs must be carried back 2 years with any remaining excess carried forward 10 years.

D) the maximum amount of taxable income taht can be offset has been reduced, and NOLs can no longer be carried back to an earlier year and any carryforward is now limited to 5 years.