You can also opt not to carry back an NOL and only carry it forward.
FORBES: How You Can Lose Money on Paper And Still Win at Tax Time Like Romney
Other positions she has held include group CIO for NOL Group, the parent of APL Ltd.
In the 1970s he was with the Khmer Rouge, his enemy the U.S.-backed Lon Nol regime.
Clearly, if you file a Schedule C that results in a loss, figuring a NOL is easy.
FORBES: How You Can Lose Money on Paper And Still Win at Tax Time Like Romney
If you still have a NOL remaining, you can carry that loss forward for up to 20 years.
FORBES: How You Can Lose Money on Paper And Still Win at Tax Time Like Romney
Under the Tax Code, a NOL results when your tax deductions exceed your taxable income before you deduct your personal exemptions.
FORBES: How You Can Lose Money on Paper And Still Win at Tax Time Like Romney
You carry back your NOL using the federal form 1045 (downloads as pdf) or 1040X for the affected prior years.
FORBES: How You Can Lose Money on Paper And Still Win at Tax Time Like Romney
Individuals include on line 21 any NOL deduction from an earlier year.
FORBES: Taxes From A To Z (2013): M Is For Miscellaneous Income
In March 1970, while Sihanouk was visiting the Soviet Union, General Lon Nol, then Cambodian Prime Minister, seized control of the government with American help.
In a tough economy, the tax deduction for the NOL can help you recover some of your losses: when you lose on paper, you can still win.
FORBES: How You Can Lose Money on Paper And Still Win at Tax Time Like Romney
Liberty cannot move forward to buy the rest of the company until mid-2012 because a change of control would result in the loss of the NOL carry-forward.
The NOL exists so that you can balance that inequity.
FORBES: How You Can Lose Money on Paper And Still Win at Tax Time Like Romney
To figure your NOL, use a federal form 1045.
FORBES: How You Can Lose Money on Paper And Still Win at Tax Time Like Romney
You should keep records for any tax year that generates an NOL for three years after you have carried an NOL backwards or forwards or three years after the carry forward expires.
FORBES: How You Can Lose Money on Paper And Still Win at Tax Time Like Romney
When a US-backed coup installed Lon Nol as Cambodia's leader, Sihanouk - by then alienated by US bombing raids on Vietnamese communist guerrillas inside Cambodia - was forced into exile in Beijing.
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