Sec. 8-2.4. Overpayment attributable to net operating loss carry-back or net capital loss carry-back

Tax Law, § 1087(d)

(a) A claim for credit or refund of so much of an overpayment as is attributable to the application to the taxpayer of a net operating loss carry-back (see Subpart 3-8 of this Title) or a net capital loss carry-back (see Subpart 3-7 of this Title) shall be filed within whichever of the times prescribed below expires the latest:

(1) within three years from the time the return was due for the taxable year of the loss, determined with regard to any extension of time for filing such return; or

(2) within the time prescribed in section 8-2.2 of this Subpart, that is, within six months after the expiration of the period within which an assessment may be made pursuant to the agreement or any extension of the agreement, in respect of the taxable year of the loss; or

(3) where applicable, within the time prescribed in section 8-2.3 of this Subpart, that is, within two years from the 90th day after the final Federal determination, in respect of the taxable year to which the net operating loss or the net capital loss is being carried back where the net operating loss or the net capital loss is attributable to the Federal change or correction or renegotiation, or computation or recomputation.

(b) If the claim for credit or refund is filed after the time prescribed in section 8-2.1 of this Subpart, or after the time prescribed in section 8-2.2 of this Subpart, if applicable, in respect of the taxable year to which the net operating loss or the net capital loss is being carried back, the amount of the credit or refund shall be computed without changing the allocation of income or capital upon which the taxpayer's return (or any additional assessment) was based.