Accounting ?

[TIMMY57]

Hi,

I heard I'd be able to do this from one of my friends and I'm wondering if this is true.

2005---> I made 500,000
2006---> I made 500,000
2007---> I made 100,000
2008 ---> I lost 150,000


Someone told me that I'd be able to get back 35% of 150,000 because back in 2006 I was in the 35% bracket. Is this true?

Thanks

 

[Surdo]

Ask your accountant about doing a net operating loss carryback, he might be able to do some juggling and get you a refund, I do not know about 35%.

 

[wutimzhang]

Quote from TIMMY57:

Hi,

I heard I'd be able to do this from one of my friends and I'm wondering if this is true.

2005---> I made 500,000
2006---> I made 500,000
2007---> I made 100,000
2008 ---> I lost 150,000


Someone told me that I'd be able to get back 35% of 150,000 because back in 2006 I was in the 35% bracket. Is this true?

Thanks

Boasting