Items that are eliminated from separate taxable income, computed on a consolidated basis, and combined with the aggregated separate taxable income (for example, net operating loss, net capital gain or loss, total charitable contributions).
The Libson Shops Doctrine refers to a Supreme Court limitation on the survival of net operating loss (NOL) carryovers following a statutory merger, based on the continuity of enterprise theory.
Long-Term Capital Gain (Loss) refers to the profit or loss earned from the sale of securities or capital assets held for more than 12 months. This gain or loss has special tax implications for individual and corporate taxpayers.
Loss carryback is a tax strategy that allows businesses to apply a net operating loss (NOL) from a current year to offset income from previous years, typically up to three years. This can result in a tax refund for taxes paid in those previous years.
Loss carryover refers to a tax mechanism that allows individuals or businesses to apply a net operating loss (NOL) to future tax years, offsetting taxable income.
An analysis of Net Operating Loss (NOL), detailing its definition, examples, frequently asked questions, related terms, resources, and suggested readings.
Tax loss carryback and carryover are tax benefits that allow taxpayers to use losses from one year to offset taxable income in other years, effectively reducing tax liability.
