Tyrus has a nonfarm net operating loss $($NOL$)$ generated in $2021.$ Which is an option for using the NOL in another tax year?

Tyrus could choose to waive the NOL carryback and only carry it forward.

Tyrus may carry forward the NOL for up to $20$ years.

Tyrus may carry forward the NOL indefinitely.

Tyrus must carry back the NOL for five years and any remaining NOL is then carried forward for up to $20$ years.