Focus on third quarter provision: California FTB issues letter ruling on NOL carryovers, carrybacks, suspensions

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On September 23, the California Franchise Tax Board issued Legal Ruling 2011-04, providing guidance regarding the interaction of the state's net operating loss (NOL) deduction suspension provisions and the rules for carrying forward/back NOLs. The legal ruling could impact the third quarter provision for many California taxpayers. [Cal. Franchise Tax Bd., Legal Ruling 2011-04, 9/23/2011]



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