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Screen PANOL - Pennsylvania Net Operating Loss (1120)

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Net Operating Loss Carryover

Period Beginning / Period Ending
If all the net operating loss information entered in the
Income (Loss)
 and
Prior year (Income offset) NOL utilized
 fields corresponds to a twelve-month taxable year, leave the
Period Beginning
 and
Period Ending
 fields blank. The application prints the appropriate dates for the return. If there are any short years reflected in the net operating loss information, enter dates in the
Period Ending
 fields, beginning with the earliest dates.
note
If a date is entered in one field, dates
must
 be entered in all date fields.
Income (Loss)
The application uses the information in this field to calculate the current-year net operating loss deduction and the amount available for subsequent-year carryover. Amounts in the
Income (Loss)
 fields should reflect the taxable income or net operating loss equal to Form RCT-101, Page 2 (or its equivalent for prior years) for each of the preceding periods. Enter income amounts as positive numbers and loss amounts as negative numbers.
Prior year (Income offset) NOL utilized
Enter losses utilized for loss years only. Enter the losses utilized as positive amounts. Enter income offset for income years only. Enter income offset as negative amounts.
Net operating loss footnote
Enter information regarding the net operating loss adjustments in the statement. This information prints as a separate item in the collation.

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