IRS Form: Excess Business Loss Form (IRC §461)

Form 461, Limitation on Business Losses, released December 28 to be used to report the limitation on business losses under tax code Section 461(l), as added by the 2017 tax act (Pub. L. No. 115-97). The limitation, effective for tax years beginning after Dec. 31, 2017, disallows an excess business loss of a taxpayer other than a C corporation. An excess business loss for the tax year is the excess of aggregate deductions of the taxpayer attributable to trades or businesses of the taxpayer, over the sum of aggregate gross income or gain of ...