New (tax) year, new help!

Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

Question

How does the application determine the applicable limit for the IRC 382 NOL deduction?

Answer

The IRC 382 NOL deduction is limited to the sum of the following three fields on Screen 382NOL in the 382 NOL folder:

1. Annual limit determined under Section 382; plus
2. Current year adjustments to annual limit due to recognition of other pre-change items; plus
3. Carryover of excess Section 382 limit from prior years.

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