Under current law, at the end of the year of loss or anytime during the next 15 years, a company may select to either carry back or carry forward-only the loss.

Question

Quizplus · Accepted Answer

Under the Tax Cuts and Jobs Act of 2017, for losses arising in tax years beginning after December 31, 2017, the carryback of net operating losses (NOLs) is generally eliminated, but NOLs can be carried forward indefinitely. The law regarding NOLs has been subject to change, including temporary provisions under the CARES Act that allowed for carrybacks for losses in certain years, but the general rule post-2017 is carryforward only, with no option to carry back except for specific exceptions.

Under Current Law, at the End of the Year of Loss