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Taxation MCQs

Which of the following statements is NOT true regarding corporate capital losses?

Excess net capital losses may not be deducted in the current year

Capital losses may only offset capital gains

Net capital losses may be carried back to the three preceding tax years

Net capital loss carryovers may be carried forward to seven succeeding tax years from the year of the loss

Answer

Correct Answer: Net capital loss carryovers may be carried forward to seven succeeding tax years from the year of the loss

Explanation:

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