Explain under what circumstances a net operating loss of a partnership can be carried over and applied

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Explain under what circumstances a net operating loss of a partnership can be carried over and applied against income of a partner even after the 20-year carryover period provided for net operating loss carryovers has expired.

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CCH Federal Taxation Basic Principles 2020

ISBN: 9780808051787

2020 Edition

Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback

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Question Posted: Feb 18, 2024 06:12 AM

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Explain under what circumstances a net operating loss of a partnership can be carried over and applied

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Under normal circumstances a partnerships Net Operating Loss NOL cannot be carried forward indefinitely instead it is subject to a twentyyear limitation as outlined in the Internal Revenue Code IRC On...View the full answer

CCH Federal Taxation Basic Principles 2020

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