NAC704.6536. Net operating loss carrybacks and carryovers.

     1. To the extent losses from the operation of a business are the result of differences unrelated to timing, the effects of carrybacks or carryovers pursuant to section 172 of the Internal Revenue Code, 26 U.S.C. § 172, as amended, must not be considered in determining income taxes in a test year in rate proceedings.

     2. The Commission hereby adopts by reference section 172, “Net Operating Loss Deduction,” of the Internal Revenue Code, 26 U.S.C. § 172, as amended.

     (Added to NAC by Pub. Service Comm’n, eff. 8-31-89; A by Pub. Utilities Comm’n by R152-10, 11-1-2012)