1120-US: Calculating the carryback period of a current-year NOL for a consolidated group(FAQ)

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IRS filing deadline update

The IRS MeF system is now processing returns, and the filing deadline has been extended to 11:59 PM on Wednesday, April 18, 2018. For the latest details, see UltraTax CS alerts and notices.

Question

How does UltraTax/1120 determine the carryback period to use for the net operating loss of a consolidated group?

Answer

Each member of a consolidated return must enter the carryback period in this field. Enter the same carryback period for all members. If the NOL consists of a combination of regular, eligible, or farming losses, enter the longest carryback period in the Carryback period for net operating loss field.

Related topic: 1120-US: Form 1139 - Application for refund FAQs

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