skip navigation

Search Help
Navigation Help


Main Topics
A B C D E F G H I
J K L M N O P Q R
S T U V W X Y Z #


FAQs
Forms
Publications
Tax Topics


Comments
About Tax Map
IRS Tax Map 2008
Current IRS Tax Map

taxmap/pubs/p4492b-004.htm#en_us_publink1000135460

Net Operating Losses(p5)


rule
spacer

previous topic occurrence Net Operating Loss next topic occurrence

This benefit applies only to the counties in Table 1.
taxmap/pubs/p4492b-004.htm#en_us_publink1000135461

Qualified disaster recovery assistance loss.(p5)


rule
spacer

Generally, you can carry a net operating loss (NOL) back to the 2 tax years before the NOL year. However, the portion of an NOL that is a qualified disaster recovery assistance loss can be carried back to the 5 tax years before the NOL year. In addition, the 90% limit on the alternative tax NOL deduction (ATNOLD) does not apply to such portion of the ATNOLD.
A qualified disaster recovery assistance loss is the smaller of:
  1. The excess of the NOL for the year over the specified liability loss for the year to which a 10-year carryback applies, or
  2. The total of the following deductions (to the extent they are taken into account in computing the NOL for the tax year):
    1. Qualified disaster recovery assistance casualty loss (as defined below),
    2. Moving expenses paid or incurred on or after the applicable disaster date, and before January 1, 2011, for the employment of an individual whose main home was in a Midwestern disaster area before the applicable disaster date, who was unable to remain in that home because of the severe storms, tornadoes, or flooding, and whose main job location (after the move) is in a Midwestern disaster area,
    3. Temporary housing expenses paid or incurred on or after the applicable disaster date, and before January 1, 2011, to house employees of the taxpayer whose main job location is in a Midwestern disaster area,
    4. Depreciation or amortization allowable for any qualified disaster recovery assistance property (even if you elected not to claim the special disaster recovery assistance depreciation allowance for such property) for the year placed in service, and
    5. Repair expenses (including expenses for the removal of debris) paid or incurred on or after the applicable disaster date, and before January 1, 2011, for any damage from the severe storms, tornadoes, or flooding to property located in a Midwestern disaster area.
taxmap/pubs/p4492b-004.htm#en_us_publink1000135462

Qualified disaster recovery assistance casualty loss.(p5)


rule
spacer

A qualified disaster recovery assistance casualty loss is any deductible section 1231 loss of property located in a Midwestern disaster area if the loss was caused by the severe storms, tornadoes, or flooding. For this purpose, the amount of the loss is reduced by any recognized gain from an involuntary conversion caused by the severe storms, tornadoes, or flooding of property located in a Midwestern disaster area. Any such loss taken into account in figuring your qualified disaster recovery assistance loss is not eligible for the election to be treated as having occurred in the previous tax year.
taxmap/pubs/p4492b-004.htm#en_us_publink1000135464

More information.(p6)


rule
spacer

For more information on NOLs, see Publication 536 or Publication 542, Corporations.