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William Ellis, CPA
William Ellis, CPA, CPA
Category: Tax
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Experience:  Over 15 years of experience in public accounting
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Per rev proc 2009-52, if youre amending a previously filed

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Per rev proc 2009-52, if you're amending a previously filed NOL carryback application or claim, what is the amount of the NOL to be used? The original NOL amount on the previously filed carryback or the left over NOL balance after the previously filed carryback?
Submitted: 3 years ago.
Category: Tax
Expert:  William Ellis, CPA replied 3 years ago.
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William Ellis, CPA :

If you can clarify the situation for me with an example, I'll be able to answer you. Thanks, Bill

Customer :

there was a NOL of $1 Million for the 9/30/09 year end and took back the NOL 2 years, initially, thinking that the 5 year carryback was too late. then re-discovered that the 5 year carryback was not too late. so we've decided to amend the original carryback. but the question is, do we take the original NOL of $1 million to the 5th preceding year or do we take the balance of $800K left over after the original carryback?

Expert:  William Ellis, CPA replied 3 years ago.
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Expert:  William Ellis, CPA replied 3 years ago.
First of all, amend the earliest year first with the original NOL. Then go to the next year. Then the next. If you had income in the succeeding years, you won't know what the NOL is when you get to the fourth year. Hope this helps, Bill
Customer: replied 3 years ago.

i dont think you understand my question. i had $1million of nol that i took back 2 years and now i want to amend the original carryback. after the initial carryback, i was left with about $800K of nol left over to carryforward. but again, i want to amend the carryback and take the nol to the 5th preceding year, 4th, 3rd, etc. now, do i take the $800k to the

5th year or the $1million to the 5th year?

Expert:  William Ellis, CPA replied 3 years ago.

I apologize that my original answer wasn't very clear. You will need to take the original NOL amount of $1 million back to the earliest year for two reasons. The first is, if you qualify for the 5-year carryback, you are required to apply the NOL to this year first. After this is done, you need to apply the remaining NOL to the very next year, then the year after this, then the year after this. If you do not apply the NOLs properly in this manner, you will not know how much NOL is available when you amend the carryback for 2 years ago.

 

For example, let's say that 5 years ago you had income of $120K, 4 years ago $60K and 3 years ago $80K. The NOL application should look like:

NOL available is $1 million

5th year back $880K

4th year back $820K

3rd year back $740K

2nd year back $540K

 

Now the NOL is being properly applied and you have the accurate amount to amend the prior filing. Thanks, Bill

William Ellis, CPA, CPA
Category: Tax
Satisfied Customers: 296
Experience: Over 15 years of experience in public accounting
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