The distant appearance of this huge building, with these singular accompaniments, is as interesting to the lovers of the picturesque, as the interior of the castle is to the eager antiquary, whose imagination it carries back
to the days of the heptarchy.
Q never carries back
the 2008 NOL and fails to make an election waiving the carryback period for the 2008 NOL.
One exception is found in section 6501 (h), which provides an expansion of the general limitation period when a taxpayer carries back
an NOL to the tax year in question from a subsequent tax year.
The new procedure modifies the old one so that an eligible small-business owner may file a Form 1045, Form 1139 or an amended tax return that carries back
the NOL for three, four, or five years.
Example: Taxpayer V carries back
a 2007 NOL to 2005 on Form 1139 and obtains a tentative refund of $50x.
Exhibit 2, page 92, offers an example that illustrates how a taxpayer computes a tax refund when he or she carries back
(13) Therefore, when a company carries back
the AMT NOL to the extended carryback period, the new law allows an AMT NOL to fully offset alternative minimum taxable income in the carryback year.
Due to a sharp drop in 2002 projected sales revenue, XYZ expects to incur a large current-year NOL that will generate a $350,000 tax savings if it carries back