Partnertax.ai Start free trial

20 NYCRR § 3-9.4

Overpayments and underpayments resulting from NOL carrybacks

Official textus-ny/regstax.ny.gov
Summarize

# (a)

A corporation claiming a credit or refund of franchise tax paid under article 9-A for a taxable year to which an NOL is carried back as a deduction must file an amended return for that taxable year within the statute of limitations on credit or refund pursuant to section 1087.

# (b)

For those instances in which an NOL is carried back and the amount of NOL is subsequently changed:

# (1)

The department may assess additional tax at any time that a deficiency for the taxable year of the loss can be assessed in accordance with section 1083(c)(4). This applies whether or not the NOL was affected by a change in business income or change to the BAF or both.

# (2)

The department may refund an overpayment at any time that a refund for the taxable year of the loss can be claimed in accordance with section 1087. This applies whether or not the NOL was affected by a change in business income or change to the business apportionment factor or both.

# (3)

The department will apply the rules in paragraphs (1) and (2) above to all years affected by the revised NOL amount.

Source: official source document (DTF adopted rule text, December 2023 corporate reform)

Report a problem

What's wrong?

Sent anonymously with this page's citation. No personal information is collected.
In this part (40 sections)
  1. 3-3.3 · Subtraction modifications for community banks and thrifts
  2. 3-3.4 · Royalty modification
  3. 3-4.1 · Definition of investment capital
  4. 3-4.2 · Constitutionally protected investment capital
  5. 3-4.3 · Investment capital identification procedures
  6. 3-4.4 · Presumed investment capital that fails the holding period…
  7. 3-4.5 · Definition of investment income
  8. 3-4.6 · Definition of other exempt income
  9. 3-4.7 · Attribution of interest deductions
  10. 3-4.8 · Safe harbor reduction election
  11. 3-5.1 · Definition of business capital and capital base
  12. 3-5.2 · Definition of business income and the business income base
  13. 3-6.1 · Examples. The following are examples intended to address only…
  14. 3-7.1 · New York investment capital gains or losses in taxable years…
  15. 3-7.2 · New York business capital gains or losses in taxable years…
  16. 3-7.3 · Capital losses sustained in taxable years beginning before…
  17. 3-7.4 · Capital losses sustained in taxable years beginning on or after…
  18. 3-7.5 · Application of New York net capital losses
  19. 3-7.6 · Rules for combined reports
  20. 3-7.7 · Record keeping
  21. 3-7.8 · Examples
  22. 3-8.1 · Definitions
  23. 3-8.2 · Computation of the unabsorbed net operating loss (UNOL)
  24. 3-8.3 · Examples
  25. 3-8.4 · PNOLC subtraction -- General
  26. 3-8.5 · Corporations that are not allowed a PNOLC subtraction
  27. 3-8.6 · Computation of PNOLC subtraction pool
  28. 3-8.7 · Computation of the PNOLC subtraction
  29. 3-8.8 · Impact of combined group changes on the PNOLC subtraction
  30. 3-8.9 · Examples
  31. 3-8.10 · Impact of certain corporate acquisitions on the PNOLC…
  32. 3-8.11 · Record-keeping
  33. 3-8.12 · Subsequent changes
  34. 3-9.1 · Definitions
  35. 3-9.2 · Net operating loss deduction
  36. 3-9.3 · Application of NOLs
  37. 3-9.4 · Overpayments and underpayments resulting from NOL carrybacks
  38. 3-9.5 · Income from discharge of indebtedness
  39. 3-9.6 · Carryforwards in certain corporate reorganizations and…
  40. 3-9.7 · Examples
Full table of contents →