Summary
Alternative minimum tax, net operating loss
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Extract
Extended NOL carrybacks and the AMT.
Section 13 of the Worker, Homeownership, and Business Assistance Act of 2009, P.L. 111-92 (WHBAA), expanded the net operating loss (NOL) carryback provisions granted earlier to small businesses by the American Recovery and Reinvestment Act of 2009, P.L. 111-5 (ARRA), for NOLs incurred in tax years beginning or ending in 2008 or 2009. As amended by the WHBAA, Sec. 172(b)(1)(H) allows almost all businesses to make an irrevocable election for an eligible loss year to carry back their NOLs for...
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