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Which statement about NOL carrybacks and NOL carryforwards is not true? a Carrybacks...

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Accounting

Which statement about NOL carrybacks and NOL carryforwards is not true?

a Carrybacks are not currently permitted under the U.S. tax code.

b Carryforwards result in cash refunds in taxable loss years.

c Carrybacks result in cash refunds in taxable loss years.

d Carrybacks and carryforwards can both result in a company reporting a negative income tax expense.

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