The Treasury Department and IRS last week issued a notice that provides guidance on carrybacks of net operating losses arising from tax years ending prior to October 22, 1998.
In general, a taxpayer must first carry a net operating loss back to each of the three taxable years preceding the taxable year of the loss. However, certain portions of a net operating loss may be eligible to be carried back to each of the ten taxable years preceding the loss.
The notice will help taxpayers determine whether a loss may be eligible for the ten-year net operating loss carryback period in light of recent court decisions, and provides clarification of what losses may be eligible, illustrated by examples of the types of losses that qualify for the ten-year carryback period.
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