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Who Can Claim Nolco?

January 24, 2024 by Ahmed Ali

Who Can Claim Nolco? 2.2 In general, NOLCO shall be allowed as a deduction from the gross income of the same taxpayer who sustained and accumulated the net operating losses regardless of the change in its ownership. This rule shall also apply in the case of a merger where the taxpayer is the surviving entity.

How Do I Present Nolco In Tax Return?

January 24, 2024 by Ahmed Ali

How Do I Present Nolco In Tax Return? The NOLCO shall be separately shown in the taxpayer’s income tax return while the unused NOLCO shall be presented in the notes to financial statements in detail. The NOLCO for the taxable years 2020 and 2021 shall be presented in the notes to financial statements separately from