IRS Addresses Interaction Between Two NOL Carryback Provisions

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IRS issues Notice 2010-58 addressing taxpayer questions on the interplay between the two different five-year net operating loss carryback provisions Congress enacted in 2009, one targeted at small businesses and a subsequent one providing the NOL carryback relief to most businesses. The notice lists 20 questions and answers on whether and how taxpayers can apply the two provisions in various circumstances.