Question 1

If an NOL is incurred,when would a taxpayer elect to forgo the carryback period and only carry the loss deduction forward?

Accepted Answer

The answer of If an NOL is incurred,when would a...

Question 2

An individual taxpayer has generated a net operating loss in 2017.He would like to receive a quick refund by filing a carryback claim on Form 1045.To obtain the quick refund,the taxpayer must file Form 1045 within 90 days after April 15,2018.

Accepted Answer

File 1045 must be filed within one year after the year in which the NOL arose.

Question 3

An individual taxpayer misses the deadline for filing for a quick refund (Form 1045)for an NOL carryback claim.The taxpayer has lost the opportunity to obtain a refund.

Accepted Answer

The taxpayer can instead file an amended return on Form 1040X.

Question 4

A taxpayer has generated a net operating loss in the current year and is weighing whether to carry back the NOL or elect to carry forward the NOL.The factors to consider in making this decision include all of the following except

Accepted Answer

D)The benefits of refundable credits would be available without regard to the loss,but the other factors noted are relevant.

Question 5

How is a claim for refund of taxes filed by an individual who carries an NOL deduction back to a prior year?

Accepted Answer

The answer of How is a claim for refund of...

Quiz 24: Losses and Bad Debts

If an NOL is incurred,when would a taxpayer elect to forgo the carryback period and only carry the loss deduction forward?

An individual taxpayer has generated a net operating loss in 2017.He would like to receive a quick refund by filing a carryback claim on Form 1045.To obtain the quick refund,the taxpayer must file Form 1045 within 90 days after April 15,2018.

An individual taxpayer misses the deadline for filing for a quick refund (Form 1045)for an NOL carryback claim.The taxpayer has lost the opportunity to obtain a refund.

A taxpayer has generated a net operating loss in the current year and is weighing whether to carry back the NOL or elect to carry forward the NOL.The factors to consider in making this decision include all of the following except

How is a claim for refund of taxes filed by an individual who carries an NOL deduction back to a prior year?