The NOL carryback from 2013 would have no effect on 2011 – 2011 itself generated an NOL. 2012 shows NO income taxes due after using up the prior NOL’s. So it appears that there would have been no benefit (or detriment) to carrying back 2013’s NOL to 2011 & 2012.
Is there Statute of limitations on Nol refunds?
Also, the Statute of Limitations for NOLs is 3 years back from the NOL year. So as long as the NOL year is within 3 years, you can amend (and get refunds) for 3 years before THAT. See Section 6511 (d) (2). May 31, 2019 6:18 PM Question regarding NOL’s: Have I screwed myself due to late filing of my returns?
Can You amend Form 1040X for 2011 and 2012?
Amending and creating Form 1040X for 2011 and 2012 would be only for user’s own documentation. The IRS will neither accept nor process those years as they are beyond the 3-year look-back. May 31, 2019 6:18 PM Question regarding NOL’s: Have I screwed myself due to late filing of my returns?
When do I need to file my 2012 tax return?
There are no further NOL’s to carry forward from 2012. (FYI: my 2012 return showed NO taxable income after using up the prior NOL’s.) I filed my 2012 tax returns in August of 2012. I have not filed any returns since then; I will be filing 2013, 2014, & 2015 in January of 2016.
When was Nol sold to the French company?
NOL was sold to the French company in June 2016, after years of trying to adapt to the changing environment. Led by former Lieutenant General and Chief of Armed Forces, Ng Yat Chung, NOL saw losses rising to US$460 million, while its debts grew more than US$4 billion.
What was the net profit of NOL in 2016?
“The French-based group reported on Friday a first-quarter net profit, including Singapore-based NOL which it consolidated in June last year, of $86 million compared with a $100 million loss in the same period of 2016.” NOL was sold to the French company in June 2016, after years of trying to adapt to the changing environment.
Which is the correct definition of a NOL year?
An NOL year is the year in which an NOL occurs. You can use an NOL by deducting it from your income in another year or years. What this publication covers. This publication discusses NOLs for individuals, estates, and trusts.
