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Screen NECO - Nebraska Net Operating Loss and Capital Loss Carryovers (1120)

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Net Operating Loss Carryover

Income (Loss)
The
Income (Loss)
 fields should reflect the taxable income or net operating loss amounts as reported on Form 1120N for each of the preceding periods. Enter a net operating loss as a negative number.
Adjustments To NOL
Enter all adjustments that affect the net operating loss for each of the 5 prior taxable years. Enter the adjustment as a negative number to increase the net operating loss.
Prior Year (Income Offset) NOL Utilized
The application adds the amounts in these fields to the income or loss reflected in the
Income (Loss)
 fields to determine the amount available for carryover.
Use these fields to calculate the combined net operating loss deduction.
If this field is blank, the application calculates the NE Combined Net Operating Loss Carryover Worksheet using the combined amounts from the parent and all subsidiaries.
This field applies only to Nebraska combined clients. Enter X to have the application use the combined corporation’s net operating loss information entered in the
Net Operating Loss Carryover
 section to calculate the net operating loss carryover using the NE Net Operating Loss Carryover Worksheet.

Capital Loss Carryover

Prior Year (Gain Offset) Or Loss Utilized
The application takes the amounts entered in the
Prior Year (Gain Offset) Or Loss Utilized
 fields and adds them to the amounts in the
Net Capital Gain (Net Capital Loss) After Apportionment
 fields to determine the amount of loss carryover. Enter the amount of capital loss used as a positive number and the amount of capital gain offset as a negative number.
Use these fields to calculate the combined capital loss deduction.
If this field is blank, the application calculates the NE Combined Capital Loss Carryover Worksheet using the combined amounts from the parent and all subsidiaries.
This field applies only to Nebraska combined clients. Enter X to have the application use the combined corporation’s capital loss information entered in the
Capital Loss Carryover
 section to calculate the capital loss carryover using the NE Capital Loss Carryover Worksheet.

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