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Screen WICCO - Wisconsin Combined Capital Loss (1120)

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Net Capital Loss Adjustments for Combined Members

Prior Year (Gain Offset) Or Loss Utilized
The application adds the amounts entered in the
Prior Year (Gain Offset) Or Loss Utilized
 fields to the amount reflected in the
Net Capital Gain (Net Capital Loss)
 fields to determine the Form 6CL amounts for loss carryover.
Enter the amount of capital loss that was utilized in a prior year as a positive number. In the following example, a $10,000 net capital loss was generated in the fifth preceding taxable year; $2,500 was utilized in the fourth preceding taxable year; and no amount was utilized in the following years.
Preceding tax year
Net capital gain or (loss)
Prior-year (gain offset) or loss utilized
5th
(10,000)
2,500
4th
2,500
(2,500)
3rd
N/A
N/A
2nd
N/A
N/A
1st
N/A
N/A
Use these fields to calculate the combined capital loss deduction
Enter
X
 to instruct the application to use the combined corporation’s net capital loss information entered in this section to calculate Form 6CL Part II Non-shareable Capital Loss Carryovers Available and Part III Shareable Capital Loss Carryovers Available. Leave this field blank to instruct the application to calculate Form 6CL Part II Non-shareable Capital Loss Carryovers Available and Part III Shareable Capital Loss Carryovers Available using the federal amounts from the parent and all subsidiaries.

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