Self-Employed Health Insurance Deduction

For 1998, this deduction for the self-employed is increased from 40% to 45% of the amount you paid for medical insurance for yourself and your family. For more information, see chapter 10 in Publication 535.

Net Operating Loss (NOL) Carryback for Farmers

An NOL occurring in a tax year beginning after 1997 that is attributable to any farming business can be carried back 5 years. Previously, an NOL from a farming business could be carried back 2 years or, in the case of a Presidentially declared disaster, 3 years. For more information, see Publication 536, Net Operating Losses.

Closing of Partnership Tax Year

For partnership tax years beginning after 1997, the partnership's tax year closes with respect to a partner whose entire interest in the partnership is terminated, whether by death, sale or exchange, or liquidation. Previously, the partnership's tax year closed only with respect to a partner who sold, exchanged, or liquidated his or her entire interest in the partnership. For more information, see Publication 541, Partnerships.

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