Net operating loss (1997, Part 2, #53)

Article Abstract:

The answer to an examination question about net operating loss (NOL) is presented. In the hypothetical situation, a married couple submitted a joint return for 1996 and have an NOL of $5,000 which they carried back to 1993, during which they made separate filings. The woman's 1996 deductions were greater than her income if assessed separately. The test-taker is supposed to determine the amount of NOL each has for carryback purposes. The answer indicates that the man does not hold any NOL for carryback while the woman is allowed to make a carryback of $5,000. The explanation is centered on the Sec 172 of the Internal Revenue Code, which allows taxpayers to utilize a NOL from a trade or business to balance profits accrued in another year.

Tests, problems and exercises, Tax consultants, Business losses, Carryback losses

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Issues affecting securities enforcement

Article Abstract:

Albany Home Loans v Massey is a case decided by the English Court of Appeal wherein at issue is whether a court should make an order against one of two joint mortgagors where the two mortgagors are husband and wife, living together in the mortgaged property. The case states that a submission by one mortgagor that an order for possession against him would not be beneficial to the mortgagee since the other mortgagor, in this case Mrs. Massey, is entitled to remain in possession of their residential house.

Mortgage bankers and correspondents, Mortgage Bankers, Real Estate Credit, Analysis, Evaluation, Cases, Securities, Mortgage banks, Mortgages, New England, Property

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