Form 500 "Net Operating Loss Deduction - Corporation Business Tax" - New Jersey

Form 500 is a New Jersey Department of the Treasury form also known as the "Net Operating Loss Deduction - Corporation Business Tax". The latest edition of the form was released in July 1, 2017 and is available for digital filing.

Download an up-to-date fillable Form 500 in PDF-format down below or look it up on the New Jersey Department of the Treasury Forms website.

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Download Form 500 "Net Operating Loss Deduction - Corporation Business Tax" - New Jersey

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2017
NEW JERSEY
CORPORATION BUSINESS TAX
NET OPERATING LOSS DEDUCTION
FORM 500
AND INSTRUCTIONS
2017
NEW JERSEY
CORPORATION BUSINESS TAX
NET OPERATING LOSS DEDUCTION
FORM 500
AND INSTRUCTIONS
General Information
This package contains Form 500 which will be used to compute the current return
period’s NOL deduction. Instructions are included.
P.L. 2002, C.40 (Business Tax Reform Act) disallows Net Operating Loss deductions
for privilege periods beginning during calendar years 2002 and 2003. For any por-
tion of NOL’s which would have been deducted in such privilege periods, but were
disallowed by the Business Tax Reform Act, and would have expired in such privi-
lege periods, the expiration is extended by two years.
P.L. 2004, C.47 allows, for privilege periods beginning in 2004 and 2005, a Net
Operating Loss deduction not to exceed 50% of entire net income. For any portion
of NOL’s which would have been deducted in such privilege periods, but were dis-
allowed by P.L. 2004, C. 47, and would have expired in such privilege periods, the
expiration is extended by a period equal to the period that the NOL deduction was
disallowed.
A full Net Operating Loss deduction is allowed for privilege periods beginning on or
after January 1, 2006.
P.L. 2008, C.102, signed into law November 24, 2008, created a new net operating
loss carryover under the Corporation Business Tax. The law provides that a net
operating loss for any privilege period ending after June 30, 2009 shall be a net
operating loss carryover to each of the twenty privilege periods following the period
of the loss. This new twenty year carryover applies only to net operating losses
accruing for privilege periods ending after June 30, 2009. Net operating losses
accruing for privilege periods ending before June 30, 2009 continue to have a net
operating loss carryover to each of the seven privilege periods following the period
of the loss.
P.L. 2014, C. 13 requires that a net operating loss for any privilege period ending
after June 30, 2014, and any net operating loss carryover to such privilege period,
must be reduced by the amount excluded from Federal taxable income under sub-
paragraph (A), (B), or (C) of paragraph (1) of subsection (a) of IRC section 108, for
the privilege period of the discharge of indebtedness.
FORM 500
COMPUTATION OF THE 2017 NOL DEDUCTION
(07-17)
Return period beginning ____________________ and ending ____________________
READ THE INSTRUCTIONS BEFORE COMPLETING THIS FORM
1. Return period
2. Entire net loss
3. Portion of line 2
previously
deducted
4. Portion of line
2 that expired
5. Amount
excluded from
Federal taxable
income
6. Current period
NOL available -
line 2 minus
line 3 minus
line 4 minus
line 5
Total of the amounts reported on line 6* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.
Enter the current period’s entire net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.
Current period’s NOL deduction - enter the lesser of line 7 or line 8 here and on
9.
Schedule A, line 35 of the CBT-100 or the BFC-1, or line 39 of the CBT-100S . .
* Include amounts reported on line 6 from any additional pages attached.
FORM 500
(07-17)
COMPUTATION OF 2017 NOL DEDUCTION
Return period beginning ____________________ and ending ____________________
1. Return period
2. Entire net loss
3. Portion of line 2
previously
deducted
4. Portion of line
2 that expired
5. Amount
excluded from
Federal taxable
income
6. Current period
NOL available -
line 2 minus
line 3 minus
line 4 minus
line 5
1. Return period
2. Entire net loss
3. Portion of line 2
previously
deducted
4. Portion of line
2 that expired
5. Amount
excluded from
Federal taxable
income
6. Current period
NOL available -
line 2 minus
line 3 minus
line 4 minus
line 5
FORM 500
(07-17)
INSTRUCTIONS
Line 1 -
Beginning with return periods ending on or after July 31, 1995, enter the return periods that
have a loss reported on Schedule A, line 34 of the CBT-100 or the BFC-1, or on Schedule A,
line 37 or 38 (whichever applies) of the CBT-100S. If space is insufficient to report all return
periods, an additional page is included in this packet. The additional page may be reproduced
as needed.
Line 2 -
Enter the amount of the loss reported on Schedule A, line 34 of the CBT-100 or the BFC-1, or
on Schedule A, line 37 or 38 (whichever applies) of the CBT-100S for each return period listed
on line 1.
Line 3 -
Enter that portion of the loss reported on line 2 that was deducted in a previous year.
Line 4 -
Enter the amount of the NOL that has previously expired.
Line 5 -
Enter the amount excluded from Federal taxable income under subparagraph (A), (B), or (C) of
paragraph (1) of subsection (a) of Internal Revenue Code (26 U.S.C. s.108) for the privilege
periods ending after June 30, 2014.
Line 6 -
Subtract the amounts reported on lines 3 through 5 from the amount on line 2. This is the total
amount of NOL available for deduction in the current year.
Line 7 -
Enter the total of all amounts reported on line 6 from all pages completed.
Line 8 -
Enter the amount from Schedule A, line 34 of form CBT-100 or form BFC-1, or line 38 of form
CBT-100S.
Line 9 -
Enter the lesser of line 7 or line 8 and report this amount on the appropriate line of the
CBT-100, CBT-100S or BFC-1 form.
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