Joined: 20 Aug 2011 Location: United States
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Posted: 26 Apr 2012 at 14:27 | IP Logged
musicamor04,
How did you conclude that there is no requirement for this rule? Just curious.
I read IRC sec. 1212 and it was silent about the 3 year carryback being an option rather than a requirement. It stated that we could and shall unless there are circumstances that will prevent it. It only mentions 3/5 but no mention of it being a mandatory or a requirement.
The textbooks were no help either, probably because of the Code being vague about it.
Joined: 05 Oct 2011 Location: United States
Online Status: Offline Posts: 155
Posted: 27 Apr 2012 at 09:54 | IP Logged
@jakemia...because I have taken the exam 6 times and have never once been tested on those details. Also, the AICPA speaks to the fact that testing at that level is counterproductive because amounts change so frequently.
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Topic: Capital gains- individuals & corporates
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