### Question
How is the term qualified Gulf Opportunity Zone loss defined?


### Answer
The term **qualified Gulf Opportunity Zone loss** is defined in *26 U.S.C. § 1400N* as the following:

> 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),[1](#1400N_1_target) 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**

