Schedule Nld - Illinois Net Loss Deduction - 2015 Page 2
Download a blank fillable Schedule Nld - Illinois Net Loss Deduction - 2015 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 Schedule Nld - Illinois Net Loss Deduction - 2015 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
2Discharge of Indebtedness Worksheet and Instructions
1
Enter the amount of the reduction to your federal net operating losses
1
that was carried over to the tax year of the discharge (See federal Form 982).
_________________
2
2
Multiply the amount on Line 1 by your income allocation ratio.
_________________
3
Enter the total amount of Illinois net loss carryovers from all loss years
3
available to be carried to the taxable year of the discharge.
_________________
4
4
Enter the lesser of Line 2 or Line 3. This is the amount of your loss carryover reduction.
_________________
—
Line 2
if you had positive base income allocable to Illinois in the tax year
Your income allocation ratio is calculated by dividing
of the debt cancellation, you may first use any NOL carryovers
the amount of debt cancellation income excluded from your gross
available to be carried to that year in order to claim an Illinois NLD.
income that would have been allocated or apportioned to Illinois
Only the remaining unused loss carryovers to such year, if any,
under the IITA if it was not excluded by the total amount of debt
should be included on this line.
cancellation income excluded from your gross income. If all of your
debt cancellation income would have been business income, use the
—
Line 4
If Line 2 is less than Line 3, apply the loss carryover
apportionment factor you calculated on the return for the tax year of
reduction from Line 4 to reduce (but not below $0) the net operating
the debt cancellation.
loss carryover beginning with the earliest loss year, and continue in
—
order until the entire loss carryover reduction has been applied. If
Line 3
This is the amount of any net loss reported on Schedule
Line 3 is less than Line 2, all of the net loss carryovers you reported
NLD for a taxable year prior to the year of discharge that has not
on Line 3 are reduced to $0.
previously been carried back or forward. In determining this amount,
Reset
Print
*533202110*
This form is authorized as outlined by the Illinois Income Tax Act. Disclosure of this
information is REQUIRED. Failure to provide information could result in a penalty.
Schedule NLD back (R-12/15)
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial