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U.S. Tax Court Considers Whether Net Operating Losses from Film Production Companies Are Deductible
Structuring finances for independent film productions isn't for the faint of heart, especially where there are multiple entities formed in different states involved in the productions; loans involving different entity members; and efforts on tax returns to deduct net operating losses (NOLs).
A recent ruling by the U.S. Tax Court is an apt example of how the complex interplay of these elements can impact the ability to deduct NOLs. Bryan v. Commissioner of Internal Revenue, 16797-16.
In the case, Anthony Bryan Jr. founded Watley Group LLC in California. He had a 99% interest in the limited liability company and his wife a one percent interest. On Sept. 30, 2007, Bryan gave the Watley Group an unsecured, uncollateralized note promising he would pay Watley $2.7 million by the end of 2030.
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