References in periodicals archive
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A: Both bills eliminate net operating loss carrybacks.
The attempted repeal of the net operating loss carrybacks, AB 2408 (Skinner).
617),Jay Starkman suggested a tax planning technique using net operating loss carrybacks and carryforwards and cautioned that there is no benefit to a personal service corporation in making a Sec.
Observation: Normally, the tax law restricts net operating loss carrybacks generated by interest expense allocable to a corporate equity reduction transaction (CERT), in which one corporation acquires at least 50% of another's stock.
In other words, net operating loss carrybacks and carryovers must be applied against income of the estate before any administrative expense loss carrybacks or carryovers.
The Company borrowed $200,000 against the split dollar life insurance policy and received tax refunds of $324,000 resulting from net operating loss carrybacks.
172, which allows a deduction for the tax year of "an amount equal to the aggregate of (1) the net operating loss carryovers to such year, plus (2) the net operating loss carrybacks to such year.
The Administration's budget proposal extends the temporary waiver of the AMTI limitation on net operating loss carrybacks to those originating in taxable years ending in 2003, 2004, and 2005, as well as for NOLs carried forward into those years.
One week later, Congress passed a bill, which President Bush is expected to sign, that provides greater net operating loss carrybacks for hurricane-affected businesses and that could provide cash refunds to offset a portion of storm restoration costs.
179 deduction, net operating loss carrybacks or carryforwards and the Sec.
It's also important for the lawyer and CPA to address the collection issue, checking for statutes of limitations on refunds, credits, net operating loss carrybacks and so forth.
Indeed, the language of the proposed regulations might even be interpreted as denying a current deduction for a payment of state income tax on the ground the payment is contingent because the taxpayer may ultimately receive a refund of all or part of one year's tax by reason of net operating loss carrybacks.
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