Which of the following is a true statement regarding the carryback and carryforward of a net operating loss (NOL) arising in a calendar tax year after 2020, assuming that there are no NOL carryforwards from previous years?

a. The NOL can be carried forward and offset 100 percent of taxable income in the following year.

b. The NOL can be carried forward and offset 80 percent of taxable income in the following year.

c. The NOL can be carried back and offset 100 percent of taxable income in the previous year.

d. The NOL can be carried back and offset 80 percent of taxable income in the previous year.