Instructions For New Mexico Net Operating Loss Carryforward Schedule For Corporate Income Tax Page 5

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State of New Mexico - Taxation and Revenue Department
RPD-41379 2013
Int. 09/30/2013
2013 New Mexico Net Operating Loss Carryforward Schedule
for Corporate Income Tax
Instructions - Page 4 of 4
Example
In tax year 2013, taxpayer X has tax due and wishes to carryforward its prior-year losses to offset the income on the 2013 CIT-1, Corporate Income and Franchise
Tax Return. X incurred a NM NOL in 2008 in the amount of $48,000, and in tax year 2009 in the amount of $97,000. In tax years 2010, 2011, and 2012, X computed
its current year net income before NM NOL is applied, to be $7,000, $1,500 and $2,500, respectively. X used the NM NOL incurred in tax year 2008 towards the
net income for tax years 2010, 2011 and 2012. For the current tax year 2013, X computes the net taxable income before NM NOL to be $8,000. X may use the loss
incurred in 2008 towards the 2013 net income. X cannot carry forward the balance from the 2008 NM NOL for more than 5 years, so column 6 reports the amount of
NM NOL that expires during 2013, and may not be excluded from NM net income during 2014. X completes Form RPD-41379, as follows:
Column 2
Column 3
Column 4
Column 5
Column 6
Column 7
Column 1
Tax Year
Net operating
2013 NM
2013
If the NM NOL reported in Column 2 was used in previous years,
NM NOL
NM NOL
loss incurred
net income before
Loss used
enter the amount in the column corresponding
Expired
Carryforward
(in the year in
NM NOL
to the year in which the NM NOL was used.
(The sum of Column
available for
Column 1)
(from Worksheet 2,
4 cannot be greater
next year
line 1)
than Column 3 for
2012
2011
2010
2009
2008
tax year 2013.)
2013
8,000
2009
97,000
97,000
2008
2,500
1,500
7,000
29,000
0
48,000
8,000
Line 1. Loss used during 2013 tax year. Enter the sum of column 4. Line 1 must equal line 3
8,000
Line 1.
from Worksheet 2. This amount is also entered on Form CIT-1, page 2, line 5.

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