1120-US: Capital Loss Carryover (FAQ)

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Question

How do I update the history of capital gains and losses of the corporation to reflect the amount currently available?

Answer

UltraTax/1120 determines if any amounts are eligible for loss carryover or carryback by netting the Prior (Gain Offset) Or Loss Utilized amounts with the Net Capital Gain (Net Capital Loss) amounts for each of the preceding tax years.

Related topic: 1120 frequently asked questions

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