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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
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Customer Question

1. 2008 Corporate Tax Return - past and current year carryover losses of about $320,000.00 from 2008 to 2009 (CA Form 3805Q Net Operating Loss Computation). None were used in 2008.

2. 2009 Corporate Tax Return - past year carryover loss of about $320,000 is omitted. Current year carryover loss from 2009 to 2010 is about $98,000.

3. 2010 Corporate Tax Return - On form 3805Q California the NOL carryover and disaster loss carryover limitations is listed as $182,000.The full carryover loss of $98,000 from 2009 was used in 2010 which left a balance of $83,484.

4. 2010 Shareholder Individual Tax Return - the current year loss of $4,000 and an additional $190,000 form PYA: Basis Carryover were used to offset a gain in assets.

Did the accountant just omit the past year carryover losses on the Net Operating Loss Computation on Form 3805Q California. Thanks, MJ
Submitted: 2 years ago.
Category: Tax
Expert:  Rachel-Mod replied 2 years ago.

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