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Title 15 . Revenue
Chapter 21 . (Repealed)
Section 650.20

15 AAC 21.650. Net operating loss carryovers from AS 43.20

(a) Net operating loss deductions arising from losses incurred under AS 43.20 before the taxpayer's becoming subject to tax under AS 43.21 may be carried forward 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 carryforward 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 carryforward 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. Any unused loss may be carried forward to the next succeeding year and applied in accordance with these rules. 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.

(b) Net operating loss deductions under this section must be applied against income reported under AS 43.21.040 and 15 AAC 21.500 - 15 AAC 21.550 before any net operating loss carrybacks under 15 AAC 21.660 are applied to that income.

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

Authority: AS 43.05.080

AS 43.21.080

AS 43.21.090

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Last modified 7/05/2006