### Question
How does the law define qualified Gulf Opportunity Zone loss?


### Answer
Under *26 U.S.C. § 1400N*, **qualified Gulf Opportunity Zone loss** is defined as:

> the lesser of—



(A) the excess of—



(i) the net operating loss for such taxable year, over



(ii) the specified liability loss for such taxable year to which a 10-year carryback applies under section 172(b)(1)(C), or


  


(B) the aggregate amount of the following deductions to the extent taken into account in computing the net operating loss for such taxable year:



(i) Any deduction for any qualified Gulf Opportunity Zone casualty loss

#### Citation:
  - *26 U.S.C. § 1400N*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter Y-Short-Term Regional Benefits > PART II-TAX BENEFITS FOR GO ZONES**

