I know they are more restrictive than normal corps, but oddly can't seem to google an answer to this. Thanks.
Personal Holding Corporation - Can they carry losses back?
Jul 08, 2009
1 Replies
A corporation's taxable income may include a deduction for a net operating loss (NOL) that has been carried forward or backwards. However, when computing the Undistributed Personal Holding Company Income (UPHCI) one of the steps is to add the NOL deduction back in. But then, you are allowed an NOL deduction for only the immediately preceding tax year.
So the answer seems to be, no, you in cannot mitigate any PHC tax by carrying back a NOL. All you get is one year of carry-forward.
Steve
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