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Screen MAUNOL - Massachusetts Member's Net Operating Loss Carryover (1120)

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Overview

Use this screen to complete Schedule NOL, Net Operating Loss Carryforward, and Schedule U-NOLS, Member’s Shared Loss Carryover, for unitary members filing Form 355U. To use this screen, you'll need to mark the
Principal reporting corporation
 checkbox in the Massachusetts tab of the Client Properties window in the principal reporting corporation client only.
This screen is a multiple-unit input screen. The first unit of the input screen is always for the principal reporting corporation responsible for filing the unitary return for the group. A separate unit of the unitary input screens should be added for each affiliated corporation. For each affiliate, a unique unit number is assigned to the input screens in the Unitary folder.
The application lets you share Massachusetts Combined Return information from the affiliate returns to the principal reporting corporation’s return for members of a unitary group. For each affiliate to share data with the principal reporting corporation filing Form 355U for the unitary group, you'll need to enter the principal reporting corporation EIN in the Massachusetts tab of the Client Properties window. Don't mark the
Principal reporting corporation
 checkbox. You'll need to print preview each affiliate’s return to store combined return information for data sharing.

Net Operating Loss

(Net Operating Loss)
Enter, as a negative number, the post-apportionment net operating loss for each of the preceding periods.
Prior Year NOL Used
Enter, as a positive number, the amount of post-apportionment loss reflected in (
Net Operating Loss)
 that has been utilized in prior years.

Life Science Net Operating Loss

(Net Operating Loss)
For qualified life science corporations enter, as a negative number, the post-apportionment net operating loss for each of the preceding periods.
Prior Year NOL Used
For qualified life science corporations enter, as a positive number, the amount of post-apportionment loss reflected in (
Net Operating Loss)
 that has been utilized in prior years.

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