Notice 2010-58 provides guidance in Q& A format under S 13 of the Worker, Homeownership, and Business Assistance Act of 2009, which allows taxpayers to elect a 3, 4, or 5-year net operating loss (NOL) carryback instead of a normal 2-year carryback. The election applies to an applicable NOL, which is an NOL for a taxable year ending after December 31, 2007, and beginning before January 1, 2010. The notice answers frequently asked questions about
election procedures, deadlines, and eligibility; the alternative tax net operating loss deduction; and the 50% limitation on an NOL carried back to the 5th preceding taxable year.
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