If a person or corporation pays no taxes during its fiscal year and its expenses are greater than its profits, is this person or corporation due a refund on its losses? I have a friend that in this position that claims they will be getting a refund though they paid no taxes. Any links would be helpful. Thanks
CJL
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Perhaps they had an NOL this year and look back two years and find they are due a tax refund from 2004, it would seem as if they lost money this year but got back taxes. __ Art Kamlet ArtKamlet @ AOL.com Columbus OH K2PZH
Tax released on account of an NOL was still paid in at some point (for some other year). One has to pay in before one can get a "refund" (in the true sense of the word).
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