Form Nol - Net Operating Loss Deduction - 2013 Page 2
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1
2Schedule NOL Instructions
The purpose of this form is to show the
erating loss at the apportionment percent-
• If the amount is a loss, add it to the total
in the previous year’s Losses Remaining
sources and applications of net operating
age of the loss year.
column and enter the sum in the Losses
losses. Only the years used to calculate the
Corporations may not create or increase the
Remaining column.
net operating loss, and the years the losses
net operating loss by:
are used, need to be listed.
• If the amount is income, and losses from
• the deduction for dividends received,
previous years are being used to reduce
Net operating losses may be carried forward
Form M4T, line 8b;
that income, enter the amount of loss
only. The carryforward period is 15 years.
• the contributions deduction for tax years
being used to reduce the income in the
A net operating loss incurred in a prior year
Minnesota Losses Used column.
beginning before 2001; or
and not previously used to offset net income
• the foreign royalties subtraction for tax
Complete Schedule NOL and attach a copy
may be deducted on Form M4T, line 6 or
years beginning before 2013.
with your Minnesota tax return.
Form M4NP, line 5.
See Revenue Notice 99-07 if an IRC section
A separate Schedule NOL is required for
Corporations and nonprofit organizations
382 limitation applies.
each corporation in a unitary group that is
whose business is conducted entirely in
claiming a net operating loss deduction.
Minnesota may deduct the full amount of
To complete the worksheet:
any previously unused net operating loss.
• Enter your taxable net income or loss, or
income for the year in the Taxable Net
Corporations and nonprofit organizations
Income/Loss column.
that apportion their income to Minnesota
may deduct any previously unused net op-
Example:
Year
Taxable Net Income/Loss
Minnesota Losses Used
Losses Remaining
Oldest loss year
12/31/07
(7,000)
--------
(7,000)
Subsequent year 1
12/31/08
4,000
(4,000)
(3,000)
2
12/31/09
(5,000)
(8,000)
3
12/31/10
6 ,000
(6,000)
(2,000)
4
12/31/11
(13,000)
--------
(15,000)
5
12/31/12
14 ,000
(14,000)
(1,000)
6
12/31/13
9,000
(1,000)
0
7
8
9
10
11
12
13
14
15
Net operating loss deduction
Total losses remaining (to be carried forward)
2013 Summary:
1,000
--------
Enter on M4T, line 6 or M4NP, line 5
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