IRS Rev. Rul.: Determining Correct Limitations Period When NOLs, FTC Collide (IRC §6511)

Suspension of Revenue Ruling 71-533 pending reconsideration of whether the 10-year limitations period provided by tax code Section 6511(d)(3)(A) applies to claims for refund or credit of an overpayment resulting from a foreign tax credit (FTC) carryback arising as a result of a net operating loss (NOL) carryback from a subsequent year, the IRS provided April 17. The IRS noted that in the original ruling, the taxpayer would not have any excess foreign tax credits to claim a refund but for the carryback of the NOL. The IRS is looking at whether the three-year statute of limitations relating ...