Which of the following statements related to loss carrybacks and carryforwards is correct?
a. the benefit due to a loss carryforward is reported only in the loss year
b. the benefit due to a loss carryforward can be reported in both the loss year and future years
c. the benefit due to a loss carryback is reported only in the 2nd year preceding the loss year
d. the benefit due to a loss carryback can be reported in both the loss year and future years
Ans: b. the benefit due to a loss carryforward can be reported in both the loss year and future years
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