Jimmy, a sole proprietor, generated a net operating loss $($NOL$)$ of $$37,000$ in $2023.$ How can Jimmy treat the NOL?

a$.$ The NOL may not be carried back, but it may be carried forward indefinitely up to $100\%$ of the income it offsets.

b$.$ The NOL is lost; nothing can be done with it$.$

c$.$ The NOL may be carried back $2$ years and forward $20$ years.

d$.$ The NOL may be carried forward to $2024$ but is limited to offsetting $80\%$ of the $2024$ income. Any remaining NOL can be carried forward indefinitely.