Can non-primary production (NPP) tax profit offset Primary Production (PP) tax losses?
Can primary tax profit offset NPP tax losses?
I know it's a basic question, however, suddenly I got confusion in this area. Because I have not done any primary production account for long long time.
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if u r doing individual tax, check P9 for loss recoupment provision. if other type of entity, it can be offset freely. however loss recoupment rules applied to prior yr loss.and for company, more rules about carry back loss...
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