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Phillip B, EA
Phillip B, EA, Enrolled Agent
Category: Tax
Satisfied Customers: 704
Experience:  Practicing since 2004. Expert in 1040, small business, represent vs. IRS, & int'l tax mattters.
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If In my C corp we carried a loss forward from 2010 to 2011

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If In my C corp we carried a loss forward from 2010 to 2011 and now are dissolving corp with loss in 2012. Can we re-do 2011 return and take loss back to 2009, and then use current loss in 2012 for re-done 20111 tax return???
Thanks for choosing! I will do my best to provide you with a clear and concise answer to your tax question based on the information that you have provided.

Unfortunately (assuming this is a NOL) once you have made the election to forgo the carry back, the election cannot be revoked. (see Internal Revenue Code §172(b)(3)) This means that you cannot amend 2011 to carry the loss back to year before 2010.

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Customer: replied 3 years ago.

If company is dissolving, is there any way to carry back 2012 NOL more than 2 years?

Unfortunately no. The carry back is only 2 years in all cases.
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