Net Operating Loss Carry Back - John R. Dundon II, Enrolled Agent
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Net Operating Loss Carry Back

Net Operating Loss Carry Back

I have been developing quite an expertise in resolving Net Operating Loss carry back matters yet with each new situation there is something new that seems to be discovered.

IRC section 6511(d)(2) states, a claim for credit or refund that corresponds with an over payment attributable to an Net Operating Loss (NOL) being carried back must generally speaking be filed within three years of the time prescribed by law for filing the return for the year the NOL occurred, including extensions. For example to claim a 2007 NOL carry back needed to be filed by April 15, 2010 in order for him to receive a refund of tax, assuming no extension was filed.

Also even if you are unable to receive a refund of tax for the NOL carry back, the NOL must still be carried back to determine the amount of NOL that can be carried forward unless a timely filed election is RECEIVED by the IRS foregoing the carry back.  The NOL carry back can however be used most of the time to offset past tax liabilities owed to the US Treasury.

What is troubling me today is Alternative Minimum Tax NOL Carry backs which I will blog about more as I learn.

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