8 Things You May Not Know About Queen Elizabeth II. Explore eight interesting facts about Britainâs long-serving monarch, who ascended the throne upon the death of her father in February 1952.
Net operating loss (NOL) A net operating loss (NOL) results when a business allowable deductions exceed its gross income for the tax year. It can use the NOL in another year to reduce taxable income. When the NOL is carried back to a previous year a refund may result. While less common, individuals may have an NOL from expenses other than business losses, including: Employee business expenses;
In general, a net operating loss (NOL) is the amount by which a taxpayerâs business deductions exceed his or her business gross income (Sec. 172(c)). An NOL from a given tax year can be carried back and carried forward to other tax years and deducted against the taxpayerâs gross income in those years.