Personal Holding Corporation - Can they carry losses back?

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Subject Author Date Personal Holding Corporation - Can they carry losses back? Kevin 07-08-2009   Re: Personal Holding Corporation - Can they carry... Steve Pope 07-08-2009
Posted by Kevin on July 8, 2009, 2:38 pm Please log in for more thread options I know they are more restrictive than normal corps, but oddly can't seem to google an answer to this. Thanks. -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Steve Pope on July 8, 2009, 2:55 pm Please log in for more thread options > I know they are more restrictive than normal corps, but oddly > can't seem to google an answer to this. Thanks. A corporation's taxable income may include a deduction for a net operating loss (NOL) that has been carried forward or backwards. However, when computing the Undistributed Personal Holding Company Income (UPHCI) one of the steps is to add the NOL deduction back in. But then, you are allowed an NOL deduction for only the immediately preceding tax year. So the answer seems to be, no, you in cannot mitigate any PHC tax by carrying back a NOL. All you get is one year of carry-forward. Steve -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Similar Threads Posted Personal Holding Corp/NOL/carry forward-carry back? June 8, 2006, 2:42 pm Ponzi scheme NOL - is 2-year carry back permitted? September 24, 2009, 2:35 am What Happens to Losses When S Corporation Shareholder Basis Exceeded? January 20, 2008, 8:46 pm Schedule K-1 for IRA holding? March 16, 2007, 10:35 pm Carry Over Loss January 28, 2007, 4:26 am Last-in, first-out accounting of holding periods November 14, 2007, 12:19 pm A Carry Forward Question April 11, 2007, 11:28 pm Do I carry over a consulting business, from which I didn't earn anything in 2006? March 25, 2007, 12:07 pm What happens to capital loss carry forward on divorce? January 31, 2009, 5:20 pm capital loss carry over discrepancy between Federal and State (CA) February 5, 2007, 8:22 pm