1120-US: Determining applicable limit for the IRC 382 NOL deduction (FAQ)

Alerts and notices
Leave feedback

Internal Employees: Submit feedback

Contact information (optional):

Leave this blank:

Please tell us how we can make this information more helpful.


Characters left:

MFA required for electronic filing

Effective May 3rd, the 2017 version of UltraTax CS requires multi-factor authentication (MFA) to access the electronic filing transmission feature in CS Connect.

Thomson Reuters is committed to proactively evolving our security features to help you protect your firm and your clients' data. For more information about multi-factor authentication, see Multi-factor authentication overview.

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.

Related topic: 1120-US: Net operating loss deduction FAQs

Share This