The Internal Revenue Service has published Notice 2010-58, which provides guidance in Q& A format under Section 13 of the Worker, Homeownership, and Business Assistance Act of 2009, which allows taxpayers to elect a three, four, or year-year net operating loss carryback instead of a normal two-year carryback.
The election applies to an applicable NOL, which is an NOL for a taxable year ending after December 31, 2007, and beginning before Jan. 1, 2010. The notice answers frequently asked questions about election procedures, deadlines, and eligibility; the alternative tax net operating loss deduction; and the 50 percent limitation on an NOL carried back to the 5th preceding taxable year.
Notice 2010-58 will appear in IRB 2010-37 dated Sept. 13, 2010.
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