Question

An NOL has the potential to lower income and reduce taxes for the taxpayer

Answer 1

The correct response is "for the carryover or carryforward year".

Step-by-step explanation:

• NOL usually happens that whenever a taxpayer's corporate taxable income exceeds his corporation yearly revenue. The whole NOL could be utilized to back split from several other taxable incomes, which have become perhaps throughout the future, in other words, managed to carry forward.
• Throughout the current environment, and there'll be revenue, NOL would be adapted and the tax burden would be whittled down either by NOL proportion.