Valid return principle: late-filed loss returns before assessment preserve entitlement to loss carry forward under tax law. A return filed claiming a loss at any time before assessment is a valid return and does not automatically forfeit the taxpayer's entitlement to loss carry ... Summary
Valid return principle: late-filed loss returns before assessment preserve entitlement to loss carry forward under tax law.
A return filed claiming a loss at any time before assessment is a valid return and does not automatically forfeit the taxpayer's entitlement to loss carry forward; the Board's earlier instruction to disallow carry forward where the loss-return missed the prescribed time is superseded and assessing officers should apply this approach and reconcile pending appeals accordingly.
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