Separate Return Limitation Year

Separate Return Limitation Year

About Separate Return Limitation Year:

The Separate Return Limitation Year (SRLY) was a taxable year during which a subsidiary corporation was not a member of an affiliated group or a subsidiary and the remaining members of the group claimed multiple surtax exemptions. The SRLY rule limits the carryover of net operating losses, capital losses, targeted jobs tax credits, investment credits, and foreign tax credits. A loss or a credit sustained in a SRLY can be used in a consolidated return only to the extent that the consolidated taxable income is increased as a result of including the income or deduction items of the member that sustained the loss or credit. Former Tax Regulation (check if this Reg. is current here) §1.1502-l(f).

See Tax exemption and Tax exemption.

See Tax exemption and Tax exemption.


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