Can a California disregarded single member LLC carryback a NOL?
Wife and I jointly own a California LLC (disregarded entity in a community state, hence a single-member LLC, with each of us filing a Schedule C). This year we're showing net profit with the LLC and hence paying taxes on the profits in addition to the self-employment tax.
I'm wondering if next year we have a Net Operating Loss with this LLC, if that NOL qualifies for carryback against the taxes we're paying this year? Or does this only apply to LLCs that have elected to be treated as a corp?