R3- M4- Calculating Loss Limitations for C Corporations Flashcards
1
Q
Same NOL rules as individuals
A
NOL created in 2017 and prior years
- 2 years carryback and forward 20 years
NOL Created in 2018-2020
- Carried back 5 years (oldest yr in the carryback period) and carryforward INDEFINITELY
- 100% can be offset
NOL created in 2021 and onwards
- No carryback and carryforward INDEFINITELY
- 80% can be used on 2022 taxable income onwards
- 2018-2020 NOL applied on 2021 onwards income will be allowed 100%
