NOL Carryback

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  • Harvey Lucas
    Senior Member
    • Apr 2006
    • 217
    #1

    NOL Carryback

    Is the NOL carryback for C-Corps 5 Years or 2 years?
    Tags: None
    • WhiteOleander
      Senior Member
      • Jun 2005
      • 1370
      #2
      Originally posted by Harvey Lucas
      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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        Comment

        • Harvey Lucas
          Senior Member
          • Apr 2006
          • 217
          #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

            • Burke
              Senior Member
              • Jan 2008
              • 7068
              #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

                • Harvey Lucas
                  Senior Member
                  • Apr 2006
                  • 217
                  #5
                  Thank You

                  Thank you Burke

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