1. Net operating losses can be carried forward for 20 years, after which time they expire. Why is it unusual for a firm to experience the expiration of an NOL?
2. If a corporation purchases insurance on the life of its chief executive officer and the corporation is named the policy beneficiary, the premium payments are non-deductible. If the officer's spouse and children are named as beneficiaries, the premium payments are deductible. Can you provide a reason for this inconsistent tax treatment?
3. What about any relevant new stories you have noticed on television?