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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16576
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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This is for Megan C Here are two more. On 10/15/2012,

Resolved Question:

This is for Megan C

Here are two more.

On 10/15/2012, Glenn's uninsured bait shop burned to the ground. What advice can you give him on NOL election?

I think it is the third one.

Wait until he files his 2013 return to determine if he wants to carry his NOL back two years or whether he wants to claim it on his 2013 return.

Carry the NOL back to 2010 so that he can recover what he paid for elf-employment tax.

Provide a copy of his 2010 and 2011 returns to see how it would benefit him to carry his loss back to 2010

Sign the election to carry the NOL forward to 2013.

I think it is the third one.

An investment-use casualty loss is carried from Form 4684 to which line?

Schedule A line 20
Schedule A line 28
Schedule D line 15
Form 1040 line 14
Submitted: 3 years ago.
Category: Finance
Expert:  Megan C replied 3 years ago.
Thanks for requesting me again.

You are correct on the first would want to look at prior year tax returns to determine whether or not the carryback would be beneficial.

For the second, I'm about 90% sure that it's Schedule A line 20

Thanks, XXXXX XXXXX night has gotten better. Thanks for thinking of me, I really appreciate it :-)

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