Question: Carl sustained a net operating loss from farming activity in 2 0 2 4 . How will this loss be treated? Carried back five years,

Carl sustained a net operating loss from farming activity in

2024 .

How will this loss be treated?

Carried back five years, and any remaining amounts are carried forward indefinitely.

Carried back three years, and any remaining amounts are carried forward up to

20

years.

Carried back two years, and any remaining amounts are carried forward indefinitely.

No carryback is allowed. The loss is carried forward indefinitely.

The full amount of the forgiven balance will be taxable income.

The amount of the forgiven balance in excess of $

20, 000 (

indexed for inflation

)

will be taxable income.

The forgiven balance can be excluded from taxable income.

A percentage of the forgiven balance will be taxable income using a formula that will be based on Ashton's income in the year the balance is forgiven.

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