Deleted
Joined: Nov 24, 2024 15:04:01 GMT -5
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NOL
Jan 12, 2011 10:37:19 GMT -5
Post by Deleted on Jan 12, 2011 10:37:19 GMT -5
I'm studying for the EA exam and am confused by an answer in the study guide. If you have a NOL for TY 2009 in the amount of $10,000 and had taxable income of 6,000 in TY 2006, 3,000 in TY 2007 and 1,000 in TY 2008. If you elect to carry back the NOL how much of the NOL will be left for TY 2010. It my understanding that NOL's are carried back three years and forward for 20 years. So you would carry back 6,00 TY 2006 first, 3,000 to TY 2007 and 1,000 to TY 2008, leaving nothing to carry forward. The book says that you carry back to TY 2007 first, leaving 6,000 to carry forward. So where is my thought process going wrong?
Thanks.
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ShoreEA
New Member
Joined: Dec 29, 2010 13:15:52 GMT -5
Posts: 16
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NOL
Jan 12, 2011 14:14:41 GMT -5
Post by ShoreEA on Jan 12, 2011 14:14:41 GMT -5
NOL's that originated in 2009 had a 2-year carryback. See Pub. 536.
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