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Brenda Guy
Brenda Guy, Certified Public Accountant (CPA)
Category: Tax
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Experience:  20 years of working with income and estate tax issues for families and businesses.
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I have a client with the only Arizona source of income/loss

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I have a client with the only Arizona source of income/loss being his interest in a Partnership. He had a significant amount of net income from this partnership in 2008, but the Schedule K-1 reflects a large loss for 2009. Unfortunately there is no NOL at the Federal level and everything I am reading implies I cannot carry back the 2009 AZ NOL unless there is also a Federal NOL. Is this correct? It seems like I should be able to do so since all of the 2008 income was from the same entity that now has a NOL, and AZ does allow individual (although not corporate) NOL carrybacks. Thank you in advance for any help you can give me. K Konrad
Submitted: 4 years ago.
Category: Tax
Customer: replied 4 years ago.
Relist: No answer yet.
I did not hear a thing since I asked my question, and just figured out how to look at my login page and discovered it was closed. Why would you close a question without at least letting me know you could not or would not answer? I would consider using this website if the service is good. Not convinced yet.
Expert:  Brenda Guy replied 4 years ago.

Sorry, I am working on it. It is a complicated question. I think you should be able to but I do not have any authority for you yet.There is nothing on point. However if you go to ITP 99-1 on the AZDOR website you will see a discussion. I think the answer is to amend the return you are carrying back to (I see only 2 years) claiming the carryback of the AZ loss. Since there is no federal 1045 you would need to create a comparable AZ spreadsheet showing the carryback.

This is not a for sure answer. It is just what I would do.



Edited by Brenda Guy on 10/5/2010 at 9:08 PM EST
Customer: replied 4 years ago.

Thank you Brenda. I am new to this website. If I accept answer, is that it or will you continue to work on it? Because it is complicated, will I be charged an additional fee?

 

Thanks for your help.

 

Kate

Expert:  Brenda Guy replied 4 years ago.

Do not accept my answer until you are comfortable with our solution. Once you accept we are done and you owe the fee. We can go back and forth with our discussion until we come to a satisfactory conclusion one way or the other.

The fee does not change no matter what. We can choose just not to continue the discussion.



Edited by Brenda Guy on 10/5/2010 at 9:10 PM EST
Customer: replied 4 years ago.

OK, I will wait until I hear from you to see if you can find anything more than I could.

 

Thank you.

Expert:  Brenda Guy replied 4 years ago.

You are correct. The AZDOR is not very helpful. I think the best answer is found in ITP 99-1. They do not anticipate that there would be a nol for AZ and not for fed. Since the carryback for AZ is by amending the prior year return I would go ahead. I would attach a spreadsheet that calculates the nol similarly to the 1045 calculation.

I am not sure if this really helps. I agree there is truly nothing on point. This is just what I would do.

Brenda Guy, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 151
Experience: 20 years of working with income and estate tax issues for families and businesses.
Brenda Guy and 5 other Tax Specialists are ready to help you
Customer: replied 4 years ago.

Thank you Brenda. I have ITP 99-1 and I think Procedure (3)(c) could be read either way. That is what I thought I would do if I could not find anything definite. It can't hurt to try. I guess I just wanted to hear it from another CPA.

 

I appreciate your help and will accept your answer.

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Brenda Guy
Brenda Guy
Tax Professional
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20 years of working with income and estate tax issues for families and businesses.