The question below includes actual dates that must be used to determine the appropriate tax treatment of the transaction.

The following information applies to a calendar year$-$end C corporation whose net operating loss was generated in the year ending December $31,2019$:

The corporation's taxable income in $2018$ and $2020$ is before consideration of any NOL carrybacks or carryforwards. In this situation, the corporation may utilize its $2019$ NOL by offsetting:

A$.\backslash (\backslash$$ $48,000\backslash )$ of the $2018$ taxable income and $\backslash (\backslash$$ $12,000\backslash )$ of the $2020$ taxable income.

B$.$ All of $2018$ taxable income and $\backslash (\backslash$$ $20,000\backslash )$ of $2020$ taxable income.

C$.$ All of $2020$ taxable income, with no carryforward allowed in succeeding periods.

D$.\backslash (\backslash$$ $56,000\backslash )$ of the $2020$ taxable income and carrying forward $\backslash (\backslash$$ $24,000\backslash )$ of the NOL to $2021$ and succeeding periods.