Net operating losses can arise from a fire to a shipwreck.
After your statutory net operating loss (NOL) for a taxable year has been determined, the amount of the NOL deduction for that year is calculated based on the amount of the statutory loss and any carrybacks and carryforwards of losses from other years. Net operating loss can carryback either two years, or three years under §172(b)(1)(F); unlessthe carryback goes four or five years under the 2009 Tax Act. NOLs must be carried in a specified order.
Agenda
Faculty
Gary S. Wolfe
The Wolfe Law Group
Our author, Gary S. Wolfe, has more than 34 years of experience, specializing in IRS Tax Audits and International Tax Planning/Tax Compliance, and International Asset Protection.
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