Tax Law

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Don’t Bank on It: South Carolina Administrative Law Court Holds Banks Not Allowed to Utilize NOL Carryforwards
Posted on 23 Jan 2019 by Eversheds Sutherland LLP

The South Carolina Administrative Law Court found that the taxpayer bank could not deduct net operating loss (NOL) carryforwards when computing its bank tax liability. The taxpayer argued that banks should be allowed to deduct NOLs regardless of whether... Read More

Indiana Affirms Taxpayer’s Section 382 NOL Limitation Calculations
Posted on 12 Oct 2018 by Eversheds Sutherland LLP

An Indiana taxpayer claimed net operation loss deductions (“NOLs”) on its adjusted gross income.  The NOLs were acquired by the taxpayer as part of a corporate acquisition.  The Indiana Department of Revenue did not dispute that the taxpayer was entitled... Read More

Income Tax Reform Tensions Vex Ohio Cities, Businesses
Posted on 24 Oct 2013 by Peter Miller

All compliant taxpayers know that wrestling with tax liabilities involves far more than how to pay for them. Ongoing challenges are manifold – Taxpayers must all plan to control and minimize taxes; divine tax amounts payable; and pay timely. Problems... Read More

PLR 201051019 – Parent Company’s Post-Bankruptcy NOLs
Posted on 1 Feb 2011 by Angela Kahng

The IRS released a private letter ruling on December 23, 2010 providing guidance on a parent company's ability to use its NOLs after a bankruptcy proceeding. In PLR 201051019 (Sept. 14, 2010), Parent and a disregarded entity owned by Subsidiary... Read More