Printer Friendly

Addendum.

In the October 2007 Tax Practice & Procedures item "Advantages of a C Corporation" (p. 617),Jay Starkman suggested a tax planning technique using net operating loss carrybacks and carryforwards and cautioned that there is no benefit to a personal service corporation in making a Sec. 444 election to use a fiscal year. James E. Thompson, a Rockville, Maryland, CPA, has pointed out a distinct disadvantage: Under Sec. 280H(e), a net operating loss carryback is not allowed while a Sec. 444 election is in effect.
COPYRIGHT 2008 American Institute of CPA's
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2008, Gale Group. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Tax Practice & Procedures
Publication:The Tax Adviser
Article Type:Correction notice
Date:Jan 1, 2008
Words:85
Previous Article:IRS announces release date for 1040 modernized e-file program.
Next Article:National Taxpayers Conference.


Related Articles
IAPC issues addendum and revision to standard.
Qualified plans and self-correction.
New pension plan self-correction programs.
MDS Reference Manual.
Get back on track: an IRS program helps correct retirement plan defects so tax benefits are not lost.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters