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;
The following can claim a net operating loss: Individuals (you don't have to be in business to claim a net operating loss) Owners of sole proprietorships; Owners of pass through entities Partners of a partnership; Members of a limited liability company; Shareholders of an S corporation; C corporations For a regular C corporation, an NOL is generally the amount by which total corporate expenses exceed gross corporate income.