A large corporation had a net long-term capital loss in 2019 and net operating loss in 2019.What are the earliest year(s) to which these losses can be carried?

Question

Quizplus · Accepted Answer

Capital losses can be carried forward indefinitely to offset future capital gains, but they cannot be carried back. Net Operating Losses (NOLs) for tax years 2018 and beyond can be carried forward indefinitely but cannot be carried back, except for certain exceptions like farming losses and insurance companies. The rules changed with the Tax Cuts and Jobs Act of 2017. Prior to the TCJA, NOLs could be carried back two years and forward 20 years.

A Large Corporation Had a Net Long-Term Capital Loss in 2019