Being able to income average by carrying forward previous losses is not a ridiculous loophole. Many businesses have a much longer cycle of investment/payoff tha

Being able to income average by carrying forward previous losses is not a ridiculous loophole. Many businesses have a much longer cycle of investment/payoff than a year. Boeing, for example, when they develop a new airplane like the 747, can have massive losses for 8 years or so before turning a profit.