TEFRA Definition

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TEFRA is Tax Equity and Fiscal Responsibility Act of 1982.

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FYE is For Year Ending.

NET OPERATING LOSS (NOL) is experienced by a business when business deductions exceed business income for the fiscal year. For income tax purposes, a net operating loss can be used to offset income in a prior year, or a taxpayer can elect to forego the carry back and carry the net operating loss forward.

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