Net Operating Losses (Individuals)

Publisher
WiseGuides, Inc.
2796 Greenspire Ln
Akron, Oh 44333
Copyright © 2010

Field of Study: Taxes
Level: Basic
Recommended CPE Credit 2 hours
Prerequisites: None
Advanced Preparation: None
Type of Delivery: Self-Study
Expiration: Course expires 1 year after purchase
Course Update: May, 2010
Accreditation: NASBA, IRS, CTEC, OTPB
Guarantee/Complaint Resolution

Course Outline


Lesson 1 - How to Figure an NOL
Learning Objectives 1
Overview
What Causes an NOL
Steps in Figuring an NOL
Step 1 - Complete Tax Return
Nonbusiness Deductions
Step 2 - Is There an NOL
Illustrated NOL Example


Lesson 2 - When to Use an NOL
Learning Objectives 2
Step 3 - Carryback/Carryforward
Farming Loss
Qualified Disaster Loss
Qualified GO Zone Loss
ESB Loss
Specified Liability Loss
Carryback/Carryforward Example
How to claim an NOL Deduction
Step 4 - Deducting a Carryback
Form 1045
Form 1040X
Refiguring the Tax
Illustrated Form 1045
Deducting a Carryforward


Lesson 3 - Change in Status
Learning Objectives 3
Change in Marital Status
Amount of Refund
Change in Filing Status
Separate to Joint Return
Joint to Separate Returns
Joint Return in NOL Year
Joint Return in Previous Carryback/Carryforward Year


Lesson 4 - How to Figure an NOL Carryover
Learning Objectives 4
Step 5 - Determine Amount of Unused NOL
Modified Taxable Income
Schedule B (Form 1045)
IRS Worksheet


Lesson 5 - NOLs - Corporations
Learning Objectives 5
Corporations - NOLs
Figuring the NOL
Claiming the NOL Deduction
Figuring the NOL Carryover

Course Objectives

Lesson - 1
After completing Lesson 1, you will be able to:
  • Identify what causes an NOL
  • Identify nonbusiness income and deductions
  • Figure a net operating loss
Lesson - 2
After completing Lesson 2, you will be able to:
  • Determine which carryback/carryforward years apply to NOLs
  • Identify qualifying farming involvements for purposes of the 2-year carryback rule
  • Identify the rules with regard to specified liability losses
Lesson - 3
After completing Lesson 3, you will be able to:
  • Determine the treatment of an NOL carryback and carryover when there is a change in marital filing status for a tax year involved
Lesson - 4
After completing Lesson 4, you will be able to:
  • Identify how an NOL affects modified taxable income
Lesson - 5
After completing Lesson 5, you will be able to:
  • Figure a corporation's net operating loss