General Information For Form K-139

ADVERTISEMENT

GENERAL INFORMATION FOR FORM K-139
KANSAS NET OPERATING LOSSES
utilized prior to the final year of the carry
forward period provided in paragraph 1, a
For net operating losses incurred in taxable
refund shall be allowable in such final year in
years beginning after December 31, 1987, a
an amount equal to the refund which would
net operating loss deduction shall be allowed
have been allowable in the taxable year the
in the same manner that it is allowed under the
loss was incurred by utilizing the three year
federal internal revenue code except that such
net operating loss may only be carried forward
carry back provided under K.S.A. 79-32,143,
to each of the 10 taxable years following the
as in effect on December 31, 1987, multiplied
taxable year of the net operating loss. The
by a fraction, the numerator of which is the
amount of the net operating loss that may be
unused portion of such net operating loss in the
carried forward for Kansas income tax
final year, and the denominator of which is the
purposes shall be that portion of the federal net
amount of such net operating loss which could
operating loss allocated to Kansas under this
have been carried back to the three years
act in the taxable year that the net operating
immediately preceding the year in which the
loss is sustained.
loss was incurred. In no event may such
The amount of the loss to be carried forward
fraction exceed 1. Use the space below to
will be the federal net operating loss after (1)
perform this calculation if necessary.
all modifications required under this act
applicable to the net loss in the year the loss
KANSAS CAPITAL LOSS CARRY BACKS
was incurred; and (2) after apportionment as to
Kansas law does not provide for a capital
source in the case of corporations in the same
loss carry back; however, Kansas does allow
manner that income for such corporations is
federal adjustments to arrive at adjusted
required to be apportioned.
Kansas taxable income and one of those
If a net operating loss was incurred in a
adjustments would be a federal capital loss
taxable year beginning prior to January 1,
carry back. Therefore, Kansas would allow the
1988, the amount of the net operating loss that
capital loss carry back at the federal level to
may be carried back and carried forward and
arrive at adjusted federal taxable income. This
the period for which it may be carried back and
method is different than the Kansas net
carried forward shall be determined under the
operating loss carry back which is computed
provisions of the Kansas income tax laws
separately for Kansas. You should compute
which were in effect during the year that such
the capital loss carry back on Form K-120X for
net operating loss was incurred.
Kansas and attach any federal schedule that is
If any portion of a net operating loss
applicable.
described in paragraphs 1 and 2 above is not
Calculation of ratio for net operating loss carry back. (Attach additional sheets if
necessary.)
(Rev. 6/96)

ADVERTISEMENT

00 votes

Related Articles

Related forms

Related Categories

Parent category: Financial
Go