For federal purposes, our company carried back a net operating loss 5 years with the Internal revenue Service. Are we required to carry back our net operating loss 5 years on our Missouri return?
Yes, If the loss for federal purposes is carried back 5 years, the same tax periods must be amended for state tax purposes. Corporations that file a Missouri return with a federal net operating loss (NOL) must treat the loss under the provisions of the INternal Revenue Code. Corporations that file a consolidated federal and separate Missouri return shall compute the separate federal taxable income as if each member filed a separate federal return. The corporation is bound by the federal return election to carry losses forward or back, (i.e., if the loss is carried back on your federal return, the separate company loss must be carried back).
Yes. If the loss for federal purposes is carried back 5 years, the same tax periods must be amended for state tax purposes. Corporations that file a Missouri return with a federal net operating loss (NOL) must treat the loss under the provisions of the INternal Revenue Code. Corporations that file a consolidated federal and separate Missouri return shall compute the separate federal taxable income as if each member filed a separate federal return. The corporation is bound by the federal return election to carry losses forward or back, (i.e., if the loss is carried back on your federal return, the separate company loss must be carried back).
Related Questions
- For federal purposes, our company carried back a net operating loss 5 years with the Internal revenue Service. Are we required to carry back our net operating loss 5 years on our Missouri return?
- If I carried back a net operating loss two years for federal purposes, am I required to carryback the net operating loss two years for Mississippi purposes?
- What is an "Eligible Small Business" For Net Operating Loss Carryback Purposes?
