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    #1

    NOL Carryback

    Is the NOL carryback for C-Corps 5 Years or 2 years?
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    #2
    Originally posted by Harvey Lucas View Post
    Is the NOL carryback for C-Corps 5 Years or 2 years?
    Main Forum / Tax Discussion - TMI Message Board
    http://www.thetaxbook.com/forums/showthread.php?t=7044
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      #3
      Kiplinger Tax Letter

      I know TB says NOL carryback is 2 years, unless a farmer 5 years, or disaster area 5 years.

      However, Kiplinger Tax Letter, Feb 20 2009, page 2, says:
      "small firms can carry back 2008 losses for five years instead of two. Their average annual gross receipts for 2006-2008 must be $15 million of less"

      I looked in update section of TB and see no reference to this?

      Is anyone aware of this change?

      Harvey Lucas

      Comment

        #4
        Yes, in the American Recovery and Reinvestment Act of 2009 enacted 2/17/09. For 2008 NOLS, businesses with receipts of $15 million or less can elect to carry back for 3, 4, or 5 years. See QF update chart dowloaded from their website. Includes sole proprietorships.
        Last edited by Burke; 03-08-2009, 01:38 PM.

        Comment

          #5
          Thank You

          Thank you Burke

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