Bingo Corporation incurred a net operating loss in 2016. If it carries the loss back, it must first carry the loss back to offset its 2015 taxable income and then it carries any remaining loss back to offset its 2014 taxable income.

Question

Quizplus · Accepted Answer

The NOL offsets the income in the second previous year (2014) before it offsets income in the first previous year (2014).

Bingo Corporation Incurred a Net Operating Loss in 2016