Screen NYNYCNLC - New York City Net Operating Loss (1120)

Net Operating Loss Carryover

The
Income (Loss)
fields should reflect the business income or net operating loss for each of the preceding periods. Enter losses as negative numbers and income as positive numbers for each the prior tax year. This allows the application to determine the amount of NOL available to the current year as a carryforward.
The application adds the amount in this field to the income or loss reflected in the
Income (Loss)
field to determine the amount available for carryover or carryback. If a prior year NOL was utilized, enter the amount of loss reflected in the
Income (Loss)
field that was utilized in prior years as a positive number. If income in a prior year was offset by a NOL carryback, enter the amount of income reflected in the
Income (Loss)
field that was offset as a negative number.
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