Discussion:Net Operating Loss for C-corporations
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Discussion Forum Index --> Advanced Tax Questions --> Net Operating Loss for C-corporations
Discussion Forum Index --> Tax Questions --> Net Operating Loss for C-corporations
| 1 July 2008 | |
| My client filed his 2004 Form 1120 in March 2005. Incurred a big loss in 2006 and filed the returns in August 2007. Is it too late to claim NOL carried back? I'm not sure if the 3-yr statue applies to carrybacks too. | |
| 1 July 2008 | |
| Carryback of NOL is the default. You need to make a timely election in order to carry forward the NOL. It's not too late to carry back. You have 3 years in which to file 1120-X. | |
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