Question: Valley Incorporated incurred a $ 7 1 , 4 0 0 net operating loss in 2 0 2 2 . Which of the following statements

Valley Incorporated incurred a $71,400 net operating loss in 2022. Which of the following statements is true?
Valley can elect to use the NOL as a carryforward or carryback deduction.
Valley can use the NOL only as a carryforward deduction.
None of these choices are true.
Valley can use the NOL only as a carryback deduction.

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