Opinion ID: 814015
Heading Depth: 4
Heading Rank: 1

Heading: shall be a net operating loss carryback to each

Text: of the 2 taxable years preceding the taxable year of such loss, and (ii) shall be a net operating loss carryover to each of the 20 taxable years following the taxable year of the loss. According to this paragraph, a “carryback” is any NOL that is “carried” to one of the 2 years preceding the tax year in which the loss arises. Conversely, a “carryover” (sometimes called a “carryforward”) is any NOL that is “carried” to one of the 20 years following the taxable year in which the loss arises. For a given tax year, the amount of the NOLD is the sum of the amount of NOL carrybacks plus the amount of NOL carryovers that are carried to that year. § 172(a). If a taxpayer is subject to the AMT, the taxpayer must claim an alternative tax net operating loss deduction (ATNOLD) instead of the NOLD permitted by § 172. 6 METRO ONE V . CIR § 56(a)(4). Under the Tax Relief Act of 2004,5 § 56(d)(1) defined ATNOLD as: the net operating loss deduction allowable for the taxable year under section 172, except that– (A) the amount of such deduction shall not exceed the sum of– (i) the lesser of– (I) the amount of such deduction attributable to net operating losses (other than the deduction described in clause (ii)(I)), or