Which of the following statements is true for a C corporation incurring a Net Operating Loss $($NOL$)$ for a tax year that begins in $2024?$

Multiple Choice

It may carry the Net Operating Loss $($NOL$)$ back up to five years.

It may carry the Net Operating Loss $($NOL$)$ forward up to $20$ years.

It may offset $100\%$ of taxable income after the Net Operating Loss $($NOL$)$ deduction allowed for any Net Operating Loss $($NOL$)$ carryovers from prior years.

It may offset $80\%$ of taxable income after the Net Operating Loss $($NOL$)$ deduction allowed for Net Operating Loss $($NOL$)$ carryovers from prior years.

None of the choices is correct.