Table of Contents.

Description:

Even the most profitable businesses experience loss and tax professionals need to know the provisions under §172, Net Operating Loss Deduction. This type of loss occurs when certain tax-deductible expenses exceed taxable revenues for a taxable year. Plus, the IRS analyzes an NOL under alternative minimum tax (AMT) rules. Without a basic understanding of net operating losses (NOL), tax professionals cannot provide their business clients with the best possible outcome. This book enhances a tax professional’s understanding of NOLS and alternative minimum tax NOLS (ATNOLs).

Net Operating Losses covers:

• How to determine if a business or individual has incurred an NOL.
• How to correctly calculate the amount of the NOL to maximize the amount to carry over or carry back.
• Identifying the elections and provisions of carrying back and carrying forward the NOL.
• Distinguishing between business and nonbusiness income and losses in order to correctly calculate the NOL.
• Ensuring the deadline for filing a carryback is met to provide the taxpayer the most flexibility in claiming an NOL deduction on Form 1045 or Form 1040X.

Product Details:

Level: Basic level

Author: NATP Staff

Publisher: NATP

Publication Date: 2019

Format: Electronic

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