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Screen MNCO - Minnesota Capital Loss Carryover (1120)
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Capital Loss Carryover
Net Capital Gain (Net Capital Loss)
Enter the net capital gain or loss for each year in this column. This should be only the activity for the current-year transactions and should not reflect carryover amounts. Enter net gains as positive amounts and net losses as negative amounts. This shows how the losses are generated and used on the carryover worksheet.
note
Schedule M4I and the MN Capital Loss Carryover Worksheet calculate correctly even if the loss years only are reflected in this column. However, the MN Capital Loss Carryover Worksheet will not indicate the years in which the losses are utilized.
Prior Year (Gain Offset) Loss Utilized
Enter the amount from the
Net Capital Gain (Net Capital Loss)
column that was offset or utilized. Enter gains offset by capital loss carryovers as negative amounts. Enter losses utilized as carryovers as positive amounts. The application adds this amount to the Net Capital Gain (Net Capital Loss)
column to determine if there is a capital loss carryforward.Use these fields to calculate the combined capital loss deduction
If this field is blank, the application calculates the MN Combined Capital Loss Carryover Worksheet using the combined amounts from all subsidiaries.
note
This field applies only to those using the consolidated application. Enter
X
to instruct the application to use the consolidated corporation’s net operating loss information entered in this section to calculate the MN Combined Capital Loss Carryover Worksheet.