Instructions For Schedule L Carryback Of Current Year Loss Form

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Line 7a
INSTRUCTIONS FOR SCHEDULE L
Enter the net Utah taxable income from the second preceding tax year
CARRYBACK OF CURRENT YEAR LOSS SCHEDULE
(second prior tax year) if the net Utah taxable income is a gain. If the tax
(Utah Code Ann. Section 59-7-110)
year is a loss enter zero here.
Line 7b
This form should be used to carry back losses that were not claimed when
Enter the amount of loss carryback claimed against the second prior tax
the original Corporation Franchise or Income Tax return was filed. If an
year (line 6 or 7a, whichever is less).
election to forego the loss carryback was made on the original return, such
election is binding for the tax year and may not be changed following the
Line 7c
due date of the loss year return.
Enter amount of adjusted income for second prior tax year by subtracting
For tax years beginning on or after January 1, 1994, if an election is made
line 7b from line 7a.
to forego the federal net operating loss carryback, then the Utah net loss is
Line 7d
not eligible to be carried back unless a separate Utah election is made. This
election should be made on form TC-20 A, line 13.
Enter the greater of the calculated tax (line 7c multiplied by .05) or
minimum tax ($100 per corporation).
A Utah net loss from a taxable year beginning before January 1, 1994, shall
be carried back to the earliest of the three preceding tax years; if not entirely
Line 7e
used to offset income of the third year preceding the loss year, it must be
Enter the amount of tax previously paid on the second prior tax year.
carried to the second year preceding the loss year; and any remaining loss
is next carried to the taxable year immediately preceding the loss year.
Line 7f
Any remaining loss shall be carried forward five taxable years following
Enter decrease in tax (refund) for the second prior tax year by subtracting
the taxable year of the loss.
line 7d from line 7e.
A Utah net loss from a taxable year beginning on or after January 1, 1994,
may be carried back three taxable years preceding the taxable year of the
Line 8
loss, as explained in the previous paragraph, and carried forward fifteen
Enter month and year of tax year beginning and end for second prior tax
taxable years following the taxable year of the loss. The amount carried
year in the spaces provided and carry down amount from line 7b.
back from a taxable year may not exceed $1,000,000. Loss amounts in
Line 9
excess of $1,000,000 must be carried forward.
Enter value of loss remaining amount. Determine loss remaining amount
Line 1
by subtracting line 8 from line 6.
Enter the (positive) value of net loss amount for the current year as
determined on form TC-20, Schedule A, line 13.
Line 10a
Enter the net Utah taxable income from the first preceding tax year (first
Line 2
prior tax year) if the net Utah taxable income is a gain. If the tax year is
Enter the amount in excess of $1,000,000 from line 1, otherwise enter zero.
a loss, enter zero here.
Line 3
Line 10b
Enter value of adjusted loss amount. Determine adjusted loss amount by
Enter the amount of loss carryback claimed against the prior tax year (line
subtracting line 2 from line 1.
9 or 10a, whichever is less).
Line 4a
Line 10c
Enter the net Utah taxable income from the earliest of the three preceding
Enter amount of adjusted income for prior tax year by subtracting line 10b
tax years (third prior tax year) if the net Utah taxable income is a gain. If
from line 10a.
the prior tax year is a loss enter zero here.
Line 10d
Line 4b
Enter the greater of the calculated tax (line 10c multiplied by .05) or
Enter the amount of loss carryback claimed against the third prior tax year
minimum tax ($100 per corporation).
(line 3 or 4a, whichever is less).
Line 10e
Line 4c
Enter the amount of tax previously paid on the first prior tax year.
Enter amount of adjusted income for third prior tax year by subtracting line
4b from line 4a.
Line 10f
Enter decrease in tax (refund) for the prior tax year by subtracting line 10d
Line 4d
from line 10e.
Enter the greater of the calculated tax (line 4c multiplied by .05) or
minimum tax ($100 per corporation).
Line 11
Enter month and year of tax year beginning and end for first prior tax year
Line 4e
in the spaces provided and carry down amount from line 10b.
Enter the amount of tax previously paid on the third prior tax year.
Line 12
Line 4f
Determine total refund by adding lines 4f, 7f and 10f.
Enter decrease in tax (refund) for the third prior tax year by subtracting line
4d from line 4e.
Line 13
Enter value of loss remaining amount. Line 2 plus line 9 less line 11.
Line 5
Enter month and year of tax year beginning and end for third prior tax year
in the spaces provided and carry down amount from line 4b.
The Tax Commission will recalculate the net adjustment to prior
years and the net taxable income accordingly.
Line 6
Enter value of loss remaining amount. Determine loss remaining amount
by subtracting line 5 from line 3.

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