In red three we're looking at regular US corporations or as we call them C corporations now all us C corporations they need to file form 11 ready with the IRS so from 1120 that's the U.S. corporation income tax return and i got an overview of this form right here on my board, so it starts with all the income of the C corporation total income, and then we will allow them a lot of deductions, so we have got ordinary deductions, so these are deductions for the trade or business expenses during the year let's say the C corporation has done some charity during the year they're going to be allowed deductions for the charitable contributions, but this one is going to be subject to a 10% limit, and we'll talk about that when we get there let's say the C corporation has domestic US production activities, and it's one of those eligible businesses they could take a domestic production activities deduction then let's talk about annual or net operating loss deduction now if you remember we talked about net operating losses also in reg one when we're talking about individuals and I told you for net operating losses for a particular year you can carry it back two years or carried forward 20 years same rules for corporations so if a corporation has a net operating loss it can either carry back or carried forward which means a net operating loss for a particular year could be deducted on tax returns of other years with a back or forward so let's say if you're looking at from 1124 a particular year this is the net operating loss that's been carried over from other years to be deducted on this tax return, and then we'll talk about a...
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