1. If a corporation has a net operating loss, the loss may be____________ and then__________ . 2. Unlike individuals, corporations are taxed on their capital gains at the same_________________ as...

1. If a corporation has a net operating loss, the loss may be____________ and then__________ .

2. Unlike individuals, corporations are taxed on their capital gains at the same_________________ as other income.

3. A corporation is entitled to carryback any operating loss ______________years and/or carryforward that loss____________________ years.