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pathan786

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pathan786

Re: pathan786 post# 2096

Thursday, 02/18/2010 8:45:49 PM

Thursday, February 18, 2010 8:45:49 PM

Post# of 15495


A quick search indicates it can be done either way

1. NOL Carryback - NOLs are adjusted against past years' profits resulting in cash tax-refund.
2. NOL carryover - NOLs are carried over to adjust against future income.

Well in either case they add to Assets I guess so not worried abt that.

I recall Billiam_2 may have already been answered this one earlier - but are there any chances that MM declares BK and still gets to keep the NOL refund/carryover.

Drawing Inferences from the link http://rubinontax.blogspot.com/2009/02/nol-carryback-waiver-can-be-voided-in.html this may not be an option for him (which is good for us).
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