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#5
05-31-2004, 10:59 AM
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 Re: Need Clarification on Five Year Carrybacks for Years 2001 and 2002 - quote - > > > Individuals would find it difficult to have an NOL unless
A casualty loss will create an NOL.> > > a sole proprietor or a member of a partnership. Perhaps > > > that's what the IRS meant when you called them. > > Or a casualty loss on Schedule A. > Can a personal casualty loss create an NOL? An > investment casualty loss might, I suppose.... Charles Markham, EA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#4
05-31-2004, 10:59 AM
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| Re: Need Clarification on Five Year Carrybacks for Years 2001 and 2002 Arthur L. Rubin wrote: - quote - > Can a personal casualty loss create an NOL? An
Actually, casualty losses (even "personal" ones) ARE treated> investment casualty loss might, I suppose.... as "business" deductions for NOL purposes. I once had clients who ended up with an NOL based solely on a large uninsured fire loss to their home. MTW << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#3
05-29-2004, 01:33 PM
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| Re: Need Clarification on Five Year Carrybacks for Years 2001 and 2002 - quote - > > Individuals would find it difficult to have an NOL unless
Can a personal casualty loss create an NOL? An> > a sole proprietor or a member of a partnership. Perhaps > > that's what the IRS meant when you called them. > Or a casualty loss on Schedule A. investment casualty loss might, I suppose.... << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
05-28-2004, 06:32 AM
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| Re: Need Clarification on Five Year Carrybacks for Years 2001 and 2002 - quote - > Individuals would find it difficult to have an NOL unless
Or a casualty loss on Schedule A.> a sole proprietor or a member of a partnership. Perhaps > that's what the IRS meant when you called them. -- Don EA in Upstate NY << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
05-27-2004, 04:04 PM
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| Re: Need Clarification on Five Year Carrybacks for Years 2001 and 2002 DELETE_westes[at]earthbroadcast.com wrote: - quote - > If anyone cares, when the IRS was called they made the claim
Individuals would find it difficult to have an NOL unless> that the five year carryback only applies to sole > proprietors and partnerships, not individuals or > corporations. a sole proprietor or a member of a partnership. Perhaps that's what the IRS meant when you called them. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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05-24-2004, 05:35 AM
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| Re: Need Clarification on Five Year Carrybacks for Years 2001 and "DELETE_westes[at]earthbroadcast.com" <DELETE_westes[at]earthbroadcast.com> wrote: - quote - > Because of the 9/11 disaster, the government passed the Job
Without actually looking, I'd say the normal limitation to> Creation and Worker Assistance Act of 2002, providing for a > 5 year net operating loss carryback for 2001 and 2002 tax > years. The IRS came out with revenue procedure 2002-40 to > provide guidelines for these cases. > If you have a 1040 return for 2001 or 2002, and you a) did > NOT elect to forego any carrybacks, b) did NOT use a > standard two year carryback, then supposedly the five year > carryback must apply by law. In revenue procedure 2002-40, > Section 6 says: > "In that event, the period of limitations provided in > (section) 6511 will apply in the case of any claim for > refund on an amended return, and the period provided in > (section) 6411(a) will apply in the case of any tentantive > carryback adjustment, that is based on the 5-year carryback > period." > What are the periods of limitation specified by sections > 6511 and 6411(a)? filing a claim for refund, and the exception for when an NOL is involved. - quote - > What if either of the 2001 or 2002 returns were filed past
No effect. If you never made the election, you must use the> the deadline for the 1040? Would this affect the ability to > claim the five year carryback when the original 1040 is > submitted late? default five year carryback. -- David M. Woods, EA Woods Financial Services Boston, MA 02109 Postings here are general information only and not to be relied upon as advice. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
05-20-2004, 05:16 AM
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| Need Clarification on Five Year Carrybacks for Years 2001 and 2002 Because of the 9/11 disaster, the government passed the Job Creation and Worker Assistance Act of 2002, providing for a 5 year net operating loss carryback for 2001 and 2002 tax years. The IRS came out with revenue procedure 2002-40 to provide guidelines for these cases. If you have a 1040 return for 2001 or 2002, and you a) did NOT elect to forego any carrybacks, b) did NOT use a standard two year carryback, then supposedly the five year carryback must apply by law. In revenue procedure 2002-40, Section 6 says: "In that event, the period of limitations provided in (section) 6511 will apply in the case of any claim for refund on an amended return, and the period provided in (section) 6411(a) will apply in the case of any tentantive carryback adjustment, that is based on the 5-year carryback period." What are the periods of limitation specified by sections 6511 and 6411(a)? What if either of the 2001 or 2002 returns were filed past the deadline for the 1040? Would this affect the ability to claim the five year carryback when the original 1040 is submitted late? If anyone cares, when the IRS was called they made the claim that the five year carryback only applies to sole proprietors and partnerships, not individuals or corporations. Your tax dollars are hard at work.  -- Will westes AT earthbroadcast.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| 2001, 2002, carrybacks, clarification, year, years |
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