IRS CCA: Refund Claim Timely on Overpayment Attributable to NOL Carryback (IRC §6511)

A certain taxpayer’s claim for refund is timely, pursuant to the special period of limitations under tax code Section 6511(d)(2), where the related overpayment arose from a net operating loss carryback triggering payment of alternative minimum tax, in turn generating a minimum tax credit carried forward to create the overpayment, the Chief Counsel’s Office advised. Limited caselaw and legislative history support an interpretation of the phrase “attributable to” an NOL carryback to include any overpayment that results from a chain of causation beginning with such NOL carryback, the Chief Counsel’s Office said. [CCA 202023006] [Editor’s Note: ...