Net operating loss to be carried forward to future years

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Reference no: EM135431

Q: Assume tax year-2012

Net Operating Losses

Assume the subsequent facts:

2007 taxable income (modified) $19,000

2008 net operating loss ($24,000)

2009 taxable income (modified) $24,000

2010 taxable income (modified) $36,000

2011 net operating loss ($30,000)

2012 net operating loss ($34,000)

Also assume:

1) That the taxpayer has constantly elected to carryback the total operating losses as incurred and elected the "two-year" carryback provision.

2) There was no taxable income in this tax years prior to 2007.

Required:

a) To what years will the 2008,2011 and 2012 net operating losses be carried back?

b) After applying the total operating losses for 2008, 2011 and 2012 to prior years ( if and where permitted), what amount, if any, is required as a net operating loss to be carried forward to future years?

Reference no: EM135431

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