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Net Operating Losses Textbook (2021) - #21327

Net Operating Losses Textbook (2021) - #21327

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A goal of every business is to make a profit; however, losses occur. A net operating loss (NOL) can occur when deductible business expenses and losses exceed gross income. The provisions under §172, Net Operating Loss Deduction, are important because tax professionals increasingly find themselves working with clients who are incurring net operating losses (NOLs). Without a basic understanding of NOLs, tax professionals cannot provide their clients with the best possible tax outcome. In addition to NOLs, the IRS analyzes an NOL under alternative minimum tax rules. This textbook enhances the tax professional’s understanding of NOLs and alternative minimum tax NOLs (ATNOLs). For individuals, the CARES Act made changes to NOLs generated in 2018-2020.

View Table of Contents.

Topics include:

  • Determining if a business or individual incurred an NOL
  • Calculating the NOL
  • Identifying when a taxpayer is eligible to make an election to carry forward and carry back an NOL
  • Distinguishing between business and nonbusiness income and losses to correctly calculate the NOL
  • Defining changes made by the CARES Act
  • Correctly calculating an ATNOL and the effect of tax preference items
  • Computing the NOL carryover and carryback when there is a filing status change

Product Details:

Level: Basic

Authors: NATP Staff

Published: 2021

Format: Print - 126 Pages

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