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Screen GANOL - Georgia Net Operating Loss (1065)

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Net Operating Loss

Income (Loss)
The
Income (Loss)
 fields should reflect the taxable income (loss) from Form 700 for each of the prior taxable years. Enter income as positive amounts and losses as negative amounts.
Prior Year (Income Offset) NOL Utilized
Use the attached statement to separately report each prior year's income year and the NOL utilized (income offset). UltraTax CS adds the amounts in this column to the income or loss reflected in the
Income (Loss)
 column to determine the amount of carryover still available to the current year on Form 700.
Ptr Alloc
Select the
PtrAlloc
 button to specially allocate the amount of current year net operating loss utilized for a prior year loss. The current year net operating loss utilized applies only to composite and electing pass-through entity partners, and therefore, special allocation of the current amount utilized may be required.
Net operating loss footnote
Enter information regarding the net operating loss adjustments in the statement. This information prints as an attachment to the return.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1065 Partnership
  • State: Georgia

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