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Loss carryback. If a C corp has profit for several years and…

Loss carryback. If a C corp...
Loss carryback.
If a C corp has profit for several years and then next year shows loss, does it get back some of the tax paid earlier or the loss is only carried forward?
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Answered in 1 hour by:
3/16/2018
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,038
Experience: Adjunct Professor
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Hey! I'm Carter, I'm a CPA and can help you out.

You can carryback that loss for 2 years, then carry it forward for 20 years if it originated in 2017.

You can use Form 1139 to claim the carryback. You need to carry it back unless you elect not to.

Let me know if you need anything else. If not, please leave a rating. Thanks!

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Customer reply replied 1 month ago
if I carryback loss with form 1139, the corporation actually gets money back from the Treasury?

Yup. You can get a refund for those two years that you carry it back.

Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,038
Experience: Adjunct Professor
Verified
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