Net operating loss (NOL) carryover/carryforward and utilization entry

You can enter NOL carryovers/carryforwards and utilizations on the

KYNOL-2

screen. Review the following tips for entering the data:

Indicate ownership of the carryover by selecting T
, S
, or J
.

The

KYNOL-2

screen is a multi-unit screen so if the carryover should be assigned to more than 1 party, add a unit and specify the ownership.

Enter only the net amount of losses generated and the utilizations of losses for the years shown.

Enter carryovers as positive amounts and utilizations as negative amounts.

Enter carrybacks as reductions of loss in year loss created, rather than as utilizations in carryback years.

Enter only the data specific to the people selected in the T/S/J
field for each unit.

If you've entered any carryover information in the

KYNOL-2

screen, UltraTax CS automatically calculates the amount of carryover to be utilized, if any, in the current year.