The checklist also encourages tax advisers to consider other issues, such as business/non-business treatment, apportionment and allocation factors, net operating losses
(NOLs) and supporting documentation.
TAX PRACTITIONERS CAN SPEED UP the processing of net operating losses
by avoiding some common errors.
United Airlines has reportedly asked the bankruptcy court to order the US government to return USD388m in tax overpayments and refunds for net operating losses
which it claims have been frozen improperly.
I spent a lot of time during the mid-1990s working to repeal the Alternative Minimum Tax (AMT) 90 percent rule for net operating losses
To lengthen the carryback period for net operating losses
to five years.
Net Operating Losses
(NOLs) occur when a company's tax deductions exceed its gross revenue in a particular year.
In conjunction with the company's Form 10-Q review of its unrecognized deferred tax assets, it was determined that the recognition of a deferred tax asset related to net operating losses
originating prior to the Syntax-Brillian merger could not be used to offset income tax expense in the statement of operations.
One is where the taxpayer has large net operating losses
to be carried into future years.
1502-21 allowed net operating losses
to be carried back for 10 years to the extent consolidated product liability losses exceeded the consolidated net operating loss.
Since New Jersey law provides that net operating losses
can be carried over for up to seven years, the Company will be able to transfer its New Jersey net operating losses
from the last seven years.
The SRLY rules generally limit the use of a new member's pre-existing net operating losses
to the actual, post-affiliation income of that member and preclude the pre-existing losses from being absorbed by the other members' income.
That model restricts the recognition of net deferred tax assets to the amount that would be recovered based upon the presumed carryback of net operating losses
that result from scheduling the reversal of existing temporary differences by year.