Schedule Nld - Illinois Net Loss Deduction (Page 4 of 4) in pdf

Line 4

• Forms IL-1041 or Form IL-1041-X, Line 29 (for tax years ending on or

— Write the amount of base income allocable to Illinois for the

after December 31, 2010).

carry year. See Line 1 instructions for the appropriate line reference for

your return type. If you are submitting this schedule as support for an

If the loss originated from a company other than the one filing this return,

amended return, write the amount shown on

complete Step 2.

• Form IL-1120X-PY, Part I, Line 8, Column C

Lines 2a through 2c —

Write the month and year to which the loss

• Form IL-1120-X, Part IV, Line 1, Column C (for tax years ending

has been previously carried and the amount of Illinois net loss previously

before December 31, 2005);

used to offset base income allocable to Illinois.

• Form IL-1120-X, Line 37, Column C (for tax years ending on or

For tax years ending before December 31, 2005, this amount is shown

after December 31, 2005);

on the prior year

• Form IL-1120-X, Line 37, Column B (for tax years ending on or

• Form IL-1120, Part IV, Line 2

after December 31, 2007);

• Form IL-1120-ST, Part II, Line 1b

• Form IL-1120-X, Line 35, Column B (for tax years ending on or

• Form IL-1065, Part II, Line 1b

after December 31, 2010);

• Form IL-1041, Part III, Line 1b

• Form IL-1120-X, Part IV, Line 2, Column C

• Form IL-1120-ST-X, Line 48, Column B (for tax years ending on or

• Form IL-1120X-PY, Part I, Line 9, Column C

after December 31, 2006);

• revised Illinois return attached to your Form IL-843.

• Form IL-1120ST-X, Line 47, Column B (for tax years ending on or

For tax years ending on or after December 31, 2005, this amount is

after December 31, 2010)

shown on the prior year

• Form IL-1065-X, Line 48, Column B (for tax years ending on or

• Form IL-1120 or Form IL-1120-X, Line 38

after December 31, 2006);

For tax years ending on or after December 31, 2006, this amount is

• Form IL-1065-X, Line 47, Column B (for tax years ending on or

shown on the prior year

after December 31, 2010);

• Form IL-1120-ST or IL-1120-ST-X, Line 49

• Form IL-1041-X, Line 27, Column B (for tax years ending on or after

• Form IL-1065 or IL-1065-X, Line 49

December 31, 2007);

For tax years ending on or after December 31, 2007, this amount is

• Form IL-1041-X, Line 28, Column B (for tax years ending on or after

shown on the prior year

December 31, 2009);

• Form IL-1041-X, Line 27, Column B (for tax years ending on or after

• Form IL-1041 or IL-1041-X, Line 28

December 31, 2010); or

For tax years ending on or after December 31, 2009, this amount is

• the appropriate line from your revised Illinois return that was

shown on the prior year

attached to your Form IL-843 (use for Forms IL-1065 and

• Form IL-1120 or IL-1120-X, Line 40

IL-1120-ST for tax years ending before December 31, 2006, and

• Form IL-1120-ST or IL-1120-ST-X, Line 51

Form IL-1041 for tax years ending before December 31, 2007).

• Form IL-1041 or IL-1041-X, Line 31

If this is a negative amount, you should not be using Schedule NLD.

—

Discharge of Indebtedness Income

If you excluded discharge of

indebtedness income in a prior tax year from your federal gross income,

—

Lines 5 and 6

Follow the instructions on the form.

then you are required to reduce your Illinois net operating loss carry-

—

Line 7

Subtract Line 5 from Line 3. Do not write this amount on this

overs. The loss is treated as previously used in Illinois. This reduction

year’s return. This is your remaining NLD to be carried to subsequent years.

applies to Illinois loss carryovers to the tax year of the debt cancellation

only if a reduction was made under the Internal Revenue Code to any

If there is an NLD remaining after this year (Line 7 is greater

federal net operating loss carryovers you had to that tax year. Use the

than zero), the amount on Line 5 must be included on any subsequent

worksheet on the back of Schedule NLD to calculate the amount of

year’s Schedule NLD, Line 2.

reduction. Report the reduction on Lines 2a through 2c by writing “IITA

Columns B and C —

Complete all lines of the columns as

207(c)” in place of the month and year to which the loss was previ-

needed for additional Illinois net loss years.

ously carried and include the amount of reduction calculated below as

Illinois net loss previously used. Attach a copy of your federal Form 982,

—

Lines 1 through 3

Follow the instructions for Column A.

Reduction of Tax Attributes Due to Discharge of Indebtedness, to your

—

Line 4

Write the amount from Line 6 of the preceding column.

Schedule NLD. For more information, see department Regulations Sec-

tion 100.2310(c).

—

Line 5

Follow the instructions for Column A. Add Columns A, B,

If the loss has been carried to more than three years and

and C. This is your total NLD to be used this year. Write this amount in

additional space is needed, complete and attach an additional Illinois

the box and on the “Illinois net loss deduction” line of this year’s return

Schedule NLD.

or amended return. See Line 2 instructions for the appropriate line refer-

ence for your return or amended return.

—

Lines 6 and 7

Follow the instructions for Column A.

Step 2: Identify the loss year company

—

Lines 8 through 10

Follow the instructions on the form.

Schedule NLD (R-12/11)

Page 4 of 4

Schedule Nld - Illinois Net Loss Deduction Page 4

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