Modified taxable income calculation for net operating losses
UltraTax CS calculates modified taxable income by taking the taxable income and adding back certain adjustments and deduction items. NOL Worksheet 1 - Carryover Calculation shows this calculation in detail, as well as the amount of NOL available for carryover to next year.
Refer to Publication 536, Net Operating Losses (NOLs) for Individuals, Estates, and Trusts for more information.
