Alabama Administrative Code
Title 810 - ALABAMA DEPARTMENT OF REVENUE
Chapter 810-14-1 - TAXPAYERS; BILL OF RIGHTS AND UNIFORM REVENUE PROCEDURES
Section 810-14-1-.20 - Limitation With Respect To Net Operating Loss Carrybacks
Universal Citation: AL Admin Code R 810-14-1-.20
Current through Register Vol. 42, No. 11, August 30, 2024
(1) If a petition for refund or credit relates to an overpayment of tax attributable to a net operating loss carryback, then in lieu of the three-year period described in Code of Ala. 1975, Section 40-2A-7(c)(2) a., the period shall be whichever of the following two periods expires later:
(a) the period which ends on the expiration
of the fifteenth day of the fortieth month following the end of the taxable
year in which of the net operating loss was incurred which resulted in the
carryback; or
(b) the period which
ends with the expiration of the period prescribed in
26 USC Section
6511(c) (relating to an
agreement (waiver) extending the period for assessment of tax) within which a
petition for refund may be filed with respect to the taxable year in which the
net operating loss was incurred which resulted in the carryback, except that:
(i) with respect to an overpayment
attributable to a net operating loss carryback to any year because of a
certification issued to the taxpayer under
26 USC Section
317 (the Trade Expansion Act of 1962), the
period shall not expire before the expiration of the sixth month following the
month in which such certification is issued to the taxpayer, and
(ii) with respect to an overpayment
attributable to the creation of, or an increase in, a net operating loss as a
result of the elimination of the excessive profits by a renegotiation (as
defined in 26 USC Section 1481(a)(1)(A)), the period shall not expire before
September 1, 1959 or the expiration of the twelfth month following the month in
which the agreement or order for the elimination of such excessive profits
becomes final, whichever is later.
Author: George Mingledorff
Statutory Authority: Act 92-186.
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