Which of the following statement related to loss carryback is NOT correct? The company may carry the net operating loss back two years and receive refunds for income taxes paid in those years. The company must apply the loss to the earlier year first and then to the second year. The company may carry forward any loss remaining after the two-year carry back to offset future taxable income. The company may carry the net operating loss back three years and receive refunds for income taxes paid in those years