Section I-1124 - Net Operating Loss Deduction (Louisiana Code of Regulations)

§ I-1124. Net Operating Loss Deduction

A. Election to Relinquish Carryback of a Net Operating Loss. The election to relinquish carryback is made by filing a return carrying the net operating loss to the earliest of the taxable years allowed for carryovers.

B. Changes to Election

1. Except as otherwise provided herein, a taxpayer may change the election to relinquish carryback of a net operating loss or the decision to carryback a net operating loss provided any additional tax and interest due as a result of the change is paid and any refund due as a result of the change has not prescribed.

2. The change in the election is made by filing an amended return for each tax year affected, paying any tax and interest due and showing any refunds due.

C. When a change in election is made during an audit or examination, the taxpayer shall submit to the auditor a written notification of the change in election and provide any additional information the auditor may require.

(Promulgated by the Department of Revenue, Policy Services Division, LR 30:2494 (November 2004).)

AUTHORITY NOTE: Promulgated in accordance with R.S. 47:287.86, R. S. 47:287.785 and R.S. 47:1511.

Disclaimer: Lawrina has made every attempt to ensure the information on this page is accurate, but we cannot guarantee that Section I-1124 Net Operating Loss Deduction is a replica of the current official text. Please use the external links to official resources for the latest version.

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