[gigabyte2001]

Here’s the question: Corporation P, a calendar-year taxpayer, sustained a net operating loss in 2016. The 2016 tax return was filed on April 1, 2017. Corporation P uses Form 1120X to carry back the net operating loss. What is the latest date Corporation P can file Form 1120X (ignoring holidays and weekends)?

My answer was April 15, 2019 and the correct answer was April 15, 2020.
The 1120X is used to amend a return and must be filed within 3 years of either the filing date or if filed early, the due date of the return. The question expressly states the purpose of filing the 1120X is to carry back the 2016 NOL. It also asks for “the latest date.” My logic: the latest return that can be amended fr the NOL CB is the 2015 return which was due April 15, 2016. Since the filing date isn’t otherwise specified, I took 3 years from the due date.
The answer explanation for the question talks about the 3 year requirement or 2 years from taxes paid, whichever is later and then says 3 years from April 15, 2017 is April 15, 2020. My head screams but we’re not amending the 2016 return???!!!!

B - 11/11/16
A - 4/16/16 87!!
R - 2/17/17
F - 7/26/16 - Waiting for 8/23

[danko1983]

a 2016 tax year is reported in 2017, hence the filing due date of april 15 2017. it would be 3 years from that date.

BEC - exp 2/28/13 (crap)
AUD - exp 11/30/13

[Author]

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