Net operating losses, To what years can the 2008, 2011 and

Net operating losses

Reference no: EM1359255

Assume the following facts:

2007 2008 2009 2010 2011 2012

Taxable income (loss) $19,000 $(24,000) $24,000 $36,000 $(30,000) $(34,000)

The taxpayer has elected to carry-back the net operating losses as incurred and elected the "two-year" carry-back provision. There was no taxable income prior to 2007.

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

b. What amount, if any, is available as a net operating loss to be carried forward?

Reference no: EM1359255

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