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Hi John,
I just took on a sole proprietorship that started doing business in 2009. TP hasn't filed years 2009 thru 2013. Can NOL be carried forward even though TP didn't file a timely return in 2009 and elect to forego the carryback period?
Thanks,
David Jones
Hi David,
The election to forego the NOL carryback can only be made on a timely file return. You will have to go back first and then forward to the extent the NOL remains.
John
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Thanks for your assistance John.
David
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