1120-US: Pre-change items adjusting the IRC 382 limitation (FAQ)

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Question

Will the application automatically adjust the IRC 382 limitation due to recognition of other pre-change items?

Answer

Unfortunately, the application does not currently have the ability to automatically determine when other pre-change items are being recognized. Enter any increase or decrease to the annual limitation that is applicable in the current tax year due to recognition of built-in gains or losses or utilization of pre-change net capital losses in the Current year adjustments to annual limit due to recognition of other pre-change items field on Screen 382NOL. Items entered as a positive number will increase the annual limit. Decreases to the annual limit should be entered as a negative number.

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

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