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Screen NDNOL - North Dakota Net Operating Loss (1120)

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Net Operating Loss Carryover

Income (Loss)
The
Income (Loss)
 fields should reflect the taxable income or net operating loss for each of the preceding periods. For a C Corporation, enter the taxable income or net operating loss from Form 40 for each of the 16 prior taxable years. Enter income amounts as positive numbers and loss amounts as negative numbers. For an S Corporation, if the corporation was a C Corporation before January 1, 1987, enter its former North Dakota C Corporation net operating loss amounts.
Prior Year NOL Utilized (Income Offset)
The application adds the amount here to the income or loss reflected in the
Income (Loss)
 fields to determine if a net operating loss amount is available for carryover. If the Income (Loss) column is positive, enter a negative number for net operating loss deductions reflected on Form 40, Page 1. If the Income (Loss) column is negative, enter a positive number for net operating loss utilized in prior years. For example, a $10,000 net operating loss was generated in the 5th preceding taxable year; $2,000 of the net operating loss was utilized in the 4th preceding taxable year; $3,000 was utilized in the 3rd preceding taxable year; there was a $5,000 loss in the 2nd preceding taxable year; and $4,000 of the net operating loss was utilized in the 1st preceding taxable year. The amounts should be as shown in the following table.
Preceding Tax Year
Income (Loss)
Prior Year (Income Offset) NOL Utilized
5th
(10,000)
9,000
4th
2,000
(2,000)
3rd
3,000
(3,000)
2nd
(5,000)
1st
4,000
(4,000)
Net operating loss footnote
Enter information regarding net operating loss adjustments in this statement. This information prints as an attachment to the return.

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