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Watch Out For These NOL Carryover Hazards

By Megan L. Brackney
Journal of Passthrough Entities, Volume 21, Issue 5
September – October, 2018

The net operating loss (“NOL”) deduction is ubiquitous, and most tax practitioners have a solid understanding of the rules. Yet, there are two areas that trip up taxpayers and their advisors–the inability to substantiate the original NOL in an audit of a later tax year, and the application of penalties and interest to deficiencies that are otherwise offset by NOL carrybacks.


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