UltraTax CS
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 is modified taxable income calculated for purposes of NOL?
Answer
UltraTax CS calculates modified taxable income by taking the taxable income and adding back certain adjustments and deduction items. NOL Worksheet 1 - Carryover Calculation shows this calculation in detail, as well as the amount of NOL available for carryover to next year.
For more information, see Publication 536, Net Operating Losses (NOLs) for Individuals, Estates, and Trusts.
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