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NOL Automation - Federal

You can use the Federal Units - Other Administration Options to calculate a percentage of the current federal loss to reclass as a NOL deferred tax asset and enter the Base NOL Allowance. This option creates a Federal Only NOL adjustment while not affecting the state calculation.
To activate the
NOL
 for a unit:
  1. Select
    My Datasets > Units > More > Other > Automation > Enable NOL Automation
    .
  2. Type the
    NOL Allowance Rate
    . Type the percent of the current federal income for reclassing a NOL deferred tax asset.
  3. Type the
    Base NOL Allowance
    . If there is an annual NOL limitation (sec 382), type the amount in the Base NOL Allowance field. The system limits the amount used for current federal income.
note
After activating the
NOL Automation
, the NOL_SYS Code-Description appears in the NOL Temporary Differences - Tax Basis data entry page. Use this page to manually enter or import the Beginning Balance, Activity, Deferred Only, and Balance Sheet Only information.

This article applies to:

  • PRODUCT: ONESOURCE Tax Provision