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Taxable income is computed without considering the current NOL carryover to be applied but will reflect any prior carryovers which have been applied. See Computation of Any Remaining NOL Carryover After NOL for carryover to a subsequent year. Carryback and Carryforward of an Alabama NOL. For loss years beginning after December 31 1997 an NOL may be carried back and deducted from taxable income in each of the preceding two years or until exhausted. NOL Carrybacks. Computation of Taxable Income...

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