A Taxpayer Can Elect to Forgo the NOL Carryback Period

question 106

True/False

A taxpayer can elect to forgo the NOL carryback period of 2 years.

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Definitions:

Substantially Impair

To significantly weaken or reduce the ability, value, or function of something.

Reject

To refuse to accept, submit to, believe, or make use of something.

Perfect Tender Rule

Requirement that the seller deliver the goods in conformity with the contract, down to the last detail.

Local

Pertaining to or occurring in a particular area, community, or jurisdiction, not widespread or general.