Discussion:C Corp Loss Carryback Question
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Discussion Forum Index --> Advanced Tax Questions --> C Corp Loss Carryback Question
Discussion Forum Index --> Tax Questions --> C Corp Loss Carryback Question
| 5 February 2008 | |
| Can a 2006 C Corp loss be carried back and offset against a 2005 gain if the tax on the 2005 gain has not yet been paid? | |
RoyDaleOne (talk|edits) said: | 5 February 2008 |
| Yes. | |
| 5 February 2008 | |
| RoyDaleOne,
Thanks for the reply. In my original post I meant to ask how to do this. It seems that on Form 1120 Page 1, there is only a provision for the carryback of taxes, not the gain or loss. What am I missing? Many thanks. LA | |
Michaelstar (talk|edits) said: | 5 February 2008 |
| Yes you are. An NOL on a C corp is carried back to line 29a on the 1120. The same as if it was a c/f. Go to the basics even if using a Form 1139.
As to how to do this - read the form instructions - it will all become clear. There is NO such thing as a provision to c/b taxes. | |
RoyDaleOne (talk|edits) said: | 5 February 2008 |
| See the instructions for Form 1139 et al. | |
Libertytax123 (talk|edits) said: | 15 February 2008 |
| So what is the proper procedure for the above.
I have a client that had a gain in 2004 as a result of an audit, but had losses in 2005 and 2006 that were audited and everything was fine. How do I apply the losses after the return has already been filed? Do I ammend or is there another form that I am not aware of? LTS | |
