Which of the following statements is true regarding net operating losses (NOLs) for California small business owners with an income of less than $1 million in 2021? (a) Both California and federal law allow the carryforward of NOLs. (b) Both California and federal law allow a three-year carryback of NOLs for all taxpayers (c) Both California and federal law allow a four-year carryback of NOLs for all taxp0ayers. (d) A business's ability to utilize a net operating loss deduction is limited 50% of taxable income on the federal and California returns