A taxpayer has an NOL when its allowable deductions exceed its gross income in a specific taxable year. For NOLs arising for taxable years beginning before January 1, 2018, NOLs can generally be carried back two years and carried forward up to 20 years to offset taxable income (IRC § 172). The Tax Cuts and Jobs Act (TCJA) eliminated the carryback of NOLs for NOLs arising for taxable years ending after December 31, 2017, allowed an indefinite carryforward of these NOLs, and generally limited the use of NOLs to 80% of taxable income. However, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) temporarily suspends the elimination of NOL carrybacks, allowing taxpayers to carry back NOLs arising in taxable years beginning after December 31, 2017 and before January 1, 2021 to the previous five taxable years and repeals the 80% income limitation for taxable years beginning before January 1, 2021. For post-2020 taxable years, the 80% of taxable income limitation generally applies after taking into account deductions for pre-2018 NOLs carried to the relevant taxable year, and before deductions allowed under IRC Section 199A (relevant for individuals and certain trusts and estates) and IRC Section 250 (deductions for foreign-derived intangible income and global intangible low-taxed income).