Discussion:NOL carryover/back
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| Revision as of 20:46, 22 May 2008 TonyM (Talk | contribs) (New Discussion) ← Previous diff |
Revision as of 21:06, 22 May 2008 DerekCPA (Talk | contribs) (The 2006 NOL can) Next diff → |
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Revision as of 21:06, 22 May 2008
Discussion Forum Index --> Basic Tax Questions --> NOL carryover/back
Discussion Forum Index --> Tax Questions --> NOL carryover/back
| 22 May 2008 | |
| If a taxpayer elects to waive the carryback period for an NOL and it creates an NOL the next year can that NOL be carried back? I haven't found anything to the contrary but it seems a little strange to my post tax season mind. I am getting hung up on the fact that we are basically carrying back an NOL that we elected not to?
Example: 20k NOL in 2006, carryback wavied, creates a 15k nol in 2007 which is carried back to 2005. So basically the 2006 NOL is being carried back even after the election was filed not too? Maybe I should have started my weekend a couple days sooner. | |
| 22 May 2008 | |
| The 2006 NOL can only be utilized in 2007 to the extent of taxable income. It can't create an NOL for the subsequent year. | |
