REG_4_07

  1. What is the carryback / forward for a NOL?
    • Back: 2 years
    • Forward: 20 years
  2. What items must be adjusted when calculating a corporate NOL?
    • No charitable contribution deduction is NOT allowed to create a NOL
    • The TI limitation normally imposed on the dividends-received deduction does not apply if taking the full deduction results in a NOL
    • The domestic production activities deduction is NOT allowed to create a NOL
    • The NOL carryback –forward cannot create a NOL for the current year
    • A corp may deduct a capital loss carryover from a current year capital gain in calculating an NOL, yet it cannot deduct a capital loss carryback against a net capital gain in determining a current year NOL.
  3. What is the carryback / forward for a capital loss?
    • Back: 3 yrs
    • Forward: 5 yrs
  4. What is the individual net capital loss amount, carryback and carryforward?
    • Limited to $3,000 per year
    • Back: none
    • Forward: forever
Author
BethM
ID
334839
Card Set
REG_4_07
Description
Becker Review 2017
Updated