Does this sentence refer to two or three things?

[MisterK]

I could use you help determining the meaning of this sentence as it is written.

"Federal adjusted gross income shall not be reduced by the amount of a net operating loss carryback or carryforward."

Does it mean operating loss, operating loss carryback, or operating loss carryforward?
Or does it mean operating loss carryback or operating loss carryforward?

My interpretation is that it is referring to the two things being operating loss carryback or operating loss carryforward since there are no commas in the sentance. Thanks for your help.

[Josef Essberger]

I could use you help determining the meaning of this sentence as it is written.

"Federal adjusted gross income shall not be reduced by the amount of a net operating loss carryback or carryforward."

Does it mean operating loss, operating loss carryback, or operating loss carryforward?
Or does it mean operating loss carryback or operating loss carryforward?

My interpretation is that it is referring to the two things being operating loss carryback or operating loss carryforward since there are no commas in the sentance. Thanks for your help.

Or does it mean operating loss carryback OR operating loss carryforward? Yes. It means this one.

[MisterK]

Thank you