Tyler, a single taxpayer, generates business income of $3,000 in 2016. In 2017, he generates an NOL of $2,000. In 2018, he incurs another NOL of $5,000. In 2019, he generates a modest business income of $6,000 and then in 2020, the COVID-19 pandemic results in an NOL of $13,000. Assume that in all years, Tyler adopts the NOL treatment that results in the earliest and greatest refund. Provide a chronological analysis of Tyler’s treatment of NOLs through 2020.

In 2020, the COVID provisions allows him to carryback ______to 2016  He can now use all of the remaining______2018 loss against the 2019 income and then can use another ______of 2020 NOL against the remaining 2019 income. The remaining _______NOL from 2020 may be carried forward indefinitely, to use against 80% of future taxable income.