The Statute of Limitation for Net Operating Losses

The statute of limitation defines the time within which the IRS may initiate an audit of a tax return.  According to Sec. 6501(a), the statute of limitation for income tax returns is three years from the filing date of the return or the due date if the return is filed early.  Marilyn Young discusses the issue.

To read the full article in The Tax Adviser, click: The Statute of Limitation for Net Operating Losses.