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stranger
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Reged: 02/03/12
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Posts: 1
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Ordinary Business Loss for LLC
#772 - 02/03/12 03:24 PM
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I started an LLC to trade futures in 2011. I had trading losses in 2011 and closed the business at the end of the year. Can these losses be classified as Ordinary Business Losses?
Or do they have to be classified as Section C 1256 Contracts and therefore "other income?"
If they can be ordinary business losses, how do I classify them as such?
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Re: Ordinary Business Loss for LLC
#773 - 02/11/12 12:29 PM
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You need a valid and timely-filed Section 475 election to use ordinary loss treatment on Section 1256 contracts.
Also note, you can carry back a Section 1256 contract loss 3 tax years, but only against futures gains. Thanks.
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Robert A. Green, CPA & CEO
GreenTraderTax.com
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