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Screen 382NOL – IRC 382 Net Operating Loss (1120)

Annual Limit

Enter the maximum amount of taxable income which may be offset annually by pre-change losses in accordance with IRC 382(b). Generally, this amount is equal to the loss corporation’s value immediately before the ownership change multiplied by the federal long-term tax-exempt rate.
Enter any increase or decrease to the annual limitation that is applicable in the current tax year due to recognition of built-in gains or losses of the old loss corporation or utilization of pre-change net capital losses. Items entered as a positive number will increase the annual limit. Decreases to the annual limit should be entered as a negative number.
If the corporation did not have enough taxable income to absorb the full amount of loss allowable under Section 382, enter the excess of the annual limit over the taxable income in that year to carry the limit forward and increase the Section 382 limitation applicable in the current year.

IRC 382 Net Operating Loss Carryover

Enter the net operating loss for each of the preceding periods that were incurred prior to the ownership change and are subject to an annual limitation determined under Section 382. This allows the application to determine the amount of IRC 382 NOL available to the current year as a carryforward.
Enter the net amount of the adjustments for each of the prior taxable periods with losses. Enter adjustments that reduce the amount of the NOL as positive numbers and adjustments that increase the NOL a as negative numbers. This amount is added to the amount entered in
NOL Subject to IRC 382 Limitation
 field when determining the amount of IRC 382 NOL available to the current year as a carryforward.
Enter as a positive number the amount of loss reflected in the
NOL Subject to IRC 382 Limitation
 column that has been used and is no longer available. This amount is added to loss reflected in the
NOL Subject to IRC 382 Limitation
 and to the
Adjustments To NOL
 fields to determine the total amount of IRC 382 NOL available to the current year as a carryforward.
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