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Posted by D. Stussy on June 27, 2006, 12:38 pm
Please log in for more thread options Arthur Kamlet wrote:
>> If a person or corporation pays no taxes during its fiscal
>> year and its expenses are greater than its profits, is this
>> person or corporation due a refund on its losses?
>>
>> I have a friend that in this position that claims they will
>> be getting a refund though they paid no taxes.
> Perhaps they had an NOL this year and look back two years
> and find they are due a tax refund from 2004, it would seem
> as if they lost money this year but got back taxes.
Tax released on account of an NOL was still paid in at some
point (for some other year). One has to pay in before one
can get a "refund" (in the true sense of the word).
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