Form Nol-F85a - Application Of Net Operating Loss Carryback Or Carryforward Page 2
Download a blank fillable Form Nol-F85a - Application Of Net Operating Loss Carryback Or Carryforward in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Form Nol-F85a - Application Of Net Operating Loss Carryback Or Carryforward with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2Instructions For Preparation of Alabama
Form NOL-F85A
Application of Net Operating Loss Carryback or Carryfor-
available for carryover, an adjustment must be made to the tax-
ward – Fiduciary Return (Form 41)
able income for the year in which the deduction was taken. The
amount by which the NOL will be reduced is called “modified tax-
This form is used to determine the amount of a net operating
loss (carried to the tax year from another tax year) that can be
able income.” The modification required by law provides that no
claimed as a net operating loss deduction during the tax year.
deduction is allowed for the personal exemption provided in §40-
Additional guidance concerning the computation of the net op-
18-19. If a prior NOL carryback or carryover was fully absorbed in
erating loss, the carrying back of the net operating loss, and the
the year, and a subsequent NOL is carried to the year and cannot
carrying forward of the net operating loss, can be obtained from
be fully absorbed, the modification required above would be com-
Alabama Income Tax Regulation Number 810-3-15.2-.01. Visit the
puted after taxable income has been recomputed for the year. If
the subsequent NOL can be fully absorbed, after taxable income
Alabama Department of Revenue’s Web site (
bama.gov) to obtain copies of Alabama income tax forms, sched-
has been recomputed for the prior NOL, taxable income for the
ules, and form preparation instructions.
year must be recomputed, with taxable income reduced again for
the subsequent NOL.
Carryback and Carryforward of an Alabama NOL. For loss
years beginning after December 31, 1997, an NOL may be carried
Form Preparation
back and deducted from taxable income in each of the preceding
Enter the tax year information. Enter the name of the estate or
two years or until exhausted.
trust and the federal employer identification number of the estate
NOL Carrybacks. When an NOL is carried back to a prior year,
or trust.
taxable income will be recomputed in such prior year. If the NOL
Part I – Computation of Unused Net Operating Loss
being carried back is equal to or greater than taxable income as
Line 2. Enter the net operating loss as shown on line 17 of the
previously reported or last adjusted (including any deductions for
Alabama Form NOL-F85 for the tax year the loss was incurred. If
NOLs carried over or carried back to such year from any loss year
the net operating loss has previously been carried to a tax year,
prior to the current loss year), taxable income will be reduced to
enter the amount from line 4 of the Alabama Form NOL-F85A filed
zero. If the NOL being carried back is less than taxable income as
for the tax year to which the net operating loss was carried.
previously reported or last adjusted (including any deductions for
Line 3. Enter the Alabama Taxable Income from page 1, line 5,
NOLs carried over or carried back to such year from any loss year
of the Alabama Form 41 for the tax year to which the net operat-
prior to the current loss year), taxable income for the carryback
ing loss is being carried.
year is reduced by the amount of the NOL.
Line 4. If the amount entered on line 2 exceeds the amount
Application of an NOL Carryforward. An NOL may be carried
entered on line 3, enter on line 4 the amount that line 2 exceeds
forward 15 tax years subsequent to the loss year in order of time
line 3. Otherwise, enter zero.
or until exhausted, whichever occurs first.
Part II – Application to Carryback of Carryforward Year
Computation of Taxable Income in a Carryforward Year. If
Line 5. Enter the Alabama Taxable Income from page 1, line 5
the NOL being carried forward is equal to or greater than taxable
of the Form 41 for the carryback or carryforward tax year.
income, taxable income will be reduced to zero. Taxable income
Line 6. Enter the net operating loss to be applied to the carry-
is computed without considering the current NOL carryover to be
back or carryforward tax year. If the amount on line 4 is zero, enter
applied, but will reflect any prior carryovers which have been ap-
the amount entered on line 2. Otherwise enter the amount that
plied. See Computation of Any Remaining NOL Carryover After
line 2 exceeds the amount on line 4.
Application of an NOL below for the computation of any remaining
Line 7. Enter the Alabama Taxable Income after Application of
NOL for carryover to a subsequent year.
Net Operating Loss which equals the amount that line 5 exceeds
If the NOL being carried forward is less than taxable income
the amount entered on line 6.
(computed without considering the NOL deduction to be applied);
Part III – Computation of Tax
taxable income will be reduced (but not below zero) by the amount
Compute the tax as shown on the form for lines 8 through 10,
of the NOL carried forward.
entering the total on line 11. The amount from line 11 must be car-
Computation of Any Remaining NOL Carryover After Ap-
ried forward to page 1, line 6 of the Form 41 and “Alternate tax
plication of an NOL. In order to determine the amount of an NOL
method” (ATM) should be checked.
ADVERTISEMENT
0 votes
Related Articles
Related forms
Form Nol-f85a - Application Of Net Operating Loss Carryback Or Carryforward - Fiduciary Return - 2007
Financial
Form Nol-f85a - Application Of Net Operating Loss Carryback Or Carryforward Fiduciary Return - 2009
Financial
Form Nol-f85a - Application Of Net Operating Loss Carryback Or Carryforward Fiduciary Return - 2008
Financial
Form Nol-f85a - Application Of Net Operating Loss Carryback Or Carryforward Fiduciary Return - 2016
Financial
Related Categories
Parent category: Financial