15 AAC 21.660. Net operating loss carrybacks from AS 43.20

Net operating loss deductions arising from losses incurred under AS 43.20 for tax years commencing after December 31, 1981, may be carried back for a period of three years and applied against income reported under AS 43.21.040 and 15 AAC 21.500 - 15 AAC 21.550. For multistate taxpayers, the amount of the carryback is calculated by applying the apportionment factor in the year of the loss to the amount of the loss determined for AS 43.20 purposes. The carryback for any year may not exceed the income reported, or as subsequently determined by the department, under AS 43.21.040 and 15 AAC 21.500 - 15 AAC 21.550. The carryback must first be applied to the third tax year preceding the year of the loss. Any unused loss may be carried forward to the next succeeding year and applied in accordance with this section. Unused losses not applied to income under AS 43.21.040 may be carried forward and applied to income reported under AS 43.20 for a period of 15 years following the year of the loss.

History: Eff. 3/26/82, Register 81

Authority: AS 43.05.080

AS 43.19.010 ,

Art. IV, бї 18

AS 43.21.040

AS 43.21.080

AS 43.21.090

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