If your loss deduction is more than your income, you may have a net operating loss.

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The taxpayer is carrying back a net operating loss into that year.

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They get the net operating loss carry-forwards and they know they can sell the home and handset businesses to foreign buyers or PE.

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The taxpayer could have elected to carry the net operating loss forward, in which case it would be available to shelter future income.

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The fiscal year 2010 benefit is primarily a result of tax benefits related to net operating loss carrybacks pursuant to the Business Assistance Act of 2009.

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Net Operating Loss deduction (yes, deduction, not income).

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