Unless an exception applies, tax attributes must be reduced in a specific order: General business credit carryovers, capital loss carryovers, basis of all property, passive activity loss or credit carryovers, net operating loss (NOL), foreign tax credit carryovers. Net operating loss (NOL), general business credit carryovers, capital loss carryovers, basis of all property, passive activity loss or credit carryovers, foreign tax credit carryovers. Basis of all property, net operating loss (NOL), general business credit carryovers, capital loss carryovers, passive activity loss or credit carryovers, foreign tax credit carryovers. Capital loss carryovers, general business credit carryovers, basis of all property, net operating loss (NOL), passive activity loss or credit carryovers, foreign tax credit carryovers