Form N-109 "Application for Tentative Refund From Carryback of Net Operating Loss" - Hawaii

Form N-109 or the "Application For Tentative Refund From Carryback Of Net Operating Loss" is a form issued by the Hawaii Department of Taxation.

The form was last revised in January 1, 2018 and is available for digital filing. Download an up-to-date Form N-109 in PDF-format down below or look it up on the Hawaii Department of Taxation Forms website.

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Download Form N-109 "Application for Tentative Refund From Carryback of Net Operating Loss" - Hawaii

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Clear Form
FORM
STATE OF HAWAII — DEPARTMENT OF TAXATION
N-109
APPLICATION FOR TENTATIVE REFUND FROM CARRYBACK
OF NET OPERATING LOSS
(REV. 2018)
Do Not Attach to Your Income Tax Return — File Separately to Expedite Processing
For use by individuals, estates, or trusts.
(NOTE: References to “married” and “spouse” are also references to “in a civil union” and “civil union partner,” respectively.)
CAUTION:
Nonresidents and part-year residents (Form N-15 filers) cannot file this form. See Instructions.
Name(s)
Federal Employer I.D. No. if any
Address (number and street)
Your social security number
City or town, State and Postal/ZIP code
Spouse’s social security number
1 Return for year of net operating loss
2 Amount of net operating loss (see Instructions)
(a) Tax year ended
(b) Date filed
$_______________________________
3 (a) Preceding tax year(s) affected by carryback
(b) Did spouse file a separate return?
CAUTION: For net operating losses arising in tax years
ending after December 31, 2017, only farming net
2nd
Yes
No
operating losses may be carried back 2 years .
1st
Yes
No
4 If you changed your accounting period, give date permission to change was granted
5 Have you filed a petition in the Tax Appeal Court for the year or years to which the loss is to be applied? . . . . . . . . . . . .
Yes
No
2nd preceding tax year ended
1st preceding tax year ended
Computation of Decrease in Tax
(a) Before
(b) After
(c) Before
(d) After
carryback
carryback
carryback
carryback
6 Adjusted gross income as last determined . . . . . . . . . .
7 Net operating loss deduction resulting from
carryback (attach computation) (see Instructions) . . . . .
8 Line 6 minus line 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9 Deductions (see Instructions) . . . . . . . . . . . . . . . . . . . .
10 Line 8 minus line 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11 Exemptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12 Taxable income (line 10 minus line 11) . . . . . . . . . . . . .
13 Income tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14 Refundable tax credits . . . . . . . . . . . . . . . . . . . . . . . . . .
15 Line 13 minus line 14 . . . . . . . . . . . . . . . . . . . . . . . . . . .
16 Nonrefundable tax credits (see Instructions) . . . . . . . . .
17 Total tax liability (line 15 minus line 16) . . . . . . . . . . . . .
column (b)
{
column (d)
18 Enter amount from line 17 . . . . . . . . .
19 Decrease in tax, line 17 minus line 18 . . . . . . . . . . . . . .
ATTACH A COPY OF YOUR ORIGINAL FEDERAL RETURN FOR THE LOSS YEAR (See Instructions.)
Declaration
I declare, under the penalties set forth in section 231-36, HRS, that I have examined this application, including any accompanying schedules and statements,
and, to the best of my knowledge and belief, it is true, correct, and complete.
Your signature
Date
Spouse’s signature (If joint return, both must sign)
Date
FORM N-109
ID NO 01
N109_I 2018A 01 VID01
Clear Form
FORM
STATE OF HAWAII — DEPARTMENT OF TAXATION
N-109
APPLICATION FOR TENTATIVE REFUND FROM CARRYBACK
OF NET OPERATING LOSS
(REV. 2018)
Do Not Attach to Your Income Tax Return — File Separately to Expedite Processing
For use by individuals, estates, or trusts.
(NOTE: References to “married” and “spouse” are also references to “in a civil union” and “civil union partner,” respectively.)
CAUTION:
Nonresidents and part-year residents (Form N-15 filers) cannot file this form. See Instructions.
Name(s)
Federal Employer I.D. No. if any
Address (number and street)
Your social security number
City or town, State and Postal/ZIP code
Spouse’s social security number
1 Return for year of net operating loss
2 Amount of net operating loss (see Instructions)
(a) Tax year ended
(b) Date filed
$_______________________________
3 (a) Preceding tax year(s) affected by carryback
(b) Did spouse file a separate return?
CAUTION: For net operating losses arising in tax years
ending after December 31, 2017, only farming net
2nd
Yes
No
operating losses may be carried back 2 years .
1st
Yes
No
4 If you changed your accounting period, give date permission to change was granted
5 Have you filed a petition in the Tax Appeal Court for the year or years to which the loss is to be applied? . . . . . . . . . . . .
Yes
No
2nd preceding tax year ended
1st preceding tax year ended
Computation of Decrease in Tax
(a) Before
(b) After
(c) Before
(d) After
carryback
carryback
carryback
carryback
6 Adjusted gross income as last determined . . . . . . . . . .
7 Net operating loss deduction resulting from
carryback (attach computation) (see Instructions) . . . . .
8 Line 6 minus line 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9 Deductions (see Instructions) . . . . . . . . . . . . . . . . . . . .
10 Line 8 minus line 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11 Exemptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12 Taxable income (line 10 minus line 11) . . . . . . . . . . . . .
13 Income tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14 Refundable tax credits . . . . . . . . . . . . . . . . . . . . . . . . . .
15 Line 13 minus line 14 . . . . . . . . . . . . . . . . . . . . . . . . . . .
16 Nonrefundable tax credits (see Instructions) . . . . . . . . .
17 Total tax liability (line 15 minus line 16) . . . . . . . . . . . . .
column (b)
{
column (d)
18 Enter amount from line 17 . . . . . . . . .
19 Decrease in tax, line 17 minus line 18 . . . . . . . . . . . . . .
ATTACH A COPY OF YOUR ORIGINAL FEDERAL RETURN FOR THE LOSS YEAR (See Instructions.)
Declaration
I declare, under the penalties set forth in section 231-36, HRS, that I have examined this application, including any accompanying schedules and statements,
and, to the best of my knowledge and belief, it is true, correct, and complete.
Your signature
Date
Spouse’s signature (If joint return, both must sign)
Date
FORM N-109
ID NO 01
N109_I 2018A 01 VID01
FORM N-109
(REV. 2018)
Schedule A (Form N-109)—Computation of Net Operating Loss
1 Adjusted gross income from Form N-11 or N-15 (estates and trusts, start on line 3) . . . . . . . . . . . . . . . . . . . . . . . . . .
1
2 Deductions (applies to individuals only):
a Enter the amount of your total itemized deductions OR
2a
standard deduction from Form N-11 or N-15 (Form N-15 filers, see Instructions) . . .
b Exemptions from Form N-11 or N-15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2b
(
)
c Add lines 2a and 2b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2c
3 Combine lines 1 and 2c (estates and trusts, enter your taxable income) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
Note: If line 3 is zero or more, do not complete the rest of the schedule. You do not have a net operating loss.
Adjustments:
4 Exemptions from line 2b above (estates and trusts, enter exemption from
4
your tax return) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 a Enter the excess of your nonbusiness capital losses
over your nonbusiness capital gains . . . . . . . . . . . . . 5a
b Enter the excess of your business capital losses
over your business capital gains plus nonbusiness
capital gains not used in figuring line 8c . . . . . . . . . . 5b
c Enter total of lines 5a and 5b but not more than your capital loss limitation . . . . . . .
5c
6 a Enter the amount of interest income from Hawaii or
any of the Hawaii counties’ obligations . . . . . . . . . . . . 6a
b Enter the amount of interest expense related to
income not taxable by Hawaii . . . . . . . . . . . . . . . . . . . 6b
c Line 6a minus line 6b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6c
7 Net operating loss deduction from other years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
8 a Nonbusiness deductions (attach supporting documentation) . . . 8a
b Nonbusiness income plus the excess of your
nonbusiness capital gains over your nonbusiness
capital losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8b
c Line 8a minus line 8b . If 8b is more than 8a, enter zero . . . . . . . . . . . . . . . . . . . . . .
8c
9 Add lines 4, 5c, 6c, 7 and 8c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
10 Combine lines 3 and 9 . This is your net operating loss . (see Instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
Caution: If the amount entered on line 10 is zero or more, you do not have a net operating loss.
Instructions for Schedule A (Form N-109) — Computation of Net Operating Loss
Use this schedule to figure your net op-
capital loss limitation . For more information, see
Losses on stock in small business corpora-
erating loss (NOL) that is available for carry-
federal regulations section 1 .172-3 .
tions which qualify as ordinary losses are busi-
back (farming NOL only) or carryforward.
Line 8a and b.—Nonbusiness income and
ness losses .
Note: If you are a nonresident or part-year
deductions are those not connected with a trade
Shareholders of an electing small business
resident (Form N-15 filer), you cannot file Form
or business . For example:
corporation (S Corporation) see Internal Rev-
N-109 . However, you may use this schedule to
enue Code section 1366, for tax treatment of
Your standard deduction is a nonbusiness
figure your NOL that is available for carryback
pass-thru items to shareholders .
deduction .
or carryforward . You will need to figure two NOL
Loss resulting from the sale or exchange of
Itemized deductions, if elected, are usually
amounts: (1) Your Total NOL (using amounts from
small business investment company stock, which
nonbusiness, except for state income taxes re-
Form N-15, Column A), and (2) Your Hawaii NOL
qualifies as an ordinary loss, is considered as a
lated to a trade or business, casualty loss de-
(using amounts from Form N-15, Column B) .
loss attributable to your trade or business .
ductions, and any employee business expenses
Line 1.—Individuals, enter your adjusted
such as union dues, uniforms, tools and educa-
The deduction allowed for payment made by
gross income .
tional expenses .
a self-employed person to a retirement plan is
Line 2a.—Individuals, enter your itemized
treated as a nonbusiness deduction .
Salaries and wages you received are trade or
deductions, after any limitations, or standard de-
Note: Nonbusiness income does not include
business income .
duction .
pensions, social security benefits, and other in-
Gain or loss on sale or other disposition of
Form N-15 filers who itemized deductions: When
come that is exempt from Hawaii income tax .
real or depreciable property used in your trade or
computing your Total NOL, enter your total
Line 10.—If you are carrying back your farm-
business is considered business income or loss .
itemized deductions calculated as if you were a
ing NOL, enter on page 1, line 2, the lesser of
Rental income or loss is business income or
full-year resident . When computing your Hawaii
(1) the amount which would be the NOL for the
loss .
NOL, enter your Hawaii itemized deductions from
taxable year if only income and deductions at-
Loss on the sale of accounts receivable, if
Form N-15 .
tributable to farming businesses are taken into
such accounts arose under the accrual method
Line 2b.—Individuals, enter the amount of
account, or (2) the amount of the NOL on line 10 .
of accounting in your business, is included as a
your personal exemptions .
Form N-15 filers, do not enter an amount on
business deduction .
Line 5.—If your business capital gains plus
page 1, line 2 . You must file an amended return
Casualty losses and theft losses are consid-
your nonbusiness capital gains not used in figur-
on Form N-15 to carry back your NOL .
ered attributable to your trade or business . This
ing line 8c exceed your business capital losses,
is true even if it involves nonbusiness property .
enter zero on line 5b . If you have a net capital
Your proportionate share of a partnership’s
loss for the year, do not include in line 5c your net
income or loss is considered business income or
capital loss not allowed this year because of the
loss .
Page 2
FORM N-109
(REV. 2018)
STATE OF HAWAII — DEPARTMENT OF TAXATION
GENERAL INSTRUCTIONS FOR APPLICATION FOR TENTATIVE
REFUND FROM CARRYBACK OF NET OPERATING LOSS (NOL)
FOR USE BY INDIVIDUALS, ESTATES, OR TRUSTS
(Section references are to the Internal Revenue Code unless otherwise specified)
CHANGES TO NOTE
this election on an amended return filed within
abated, credited, refunded, or otherwise repaid,
6 months of the original due date of the return,
before the date of filing the application.
• For net operating losses arising in tax years
but not including any extension. Attach a state-
ending after December 31, 2017, Act 27, Ses-
Deductions (except the charitable contribu-
ment to your amended return, and write “Filed
sion Laws of Hawaii 2018, eliminates NOL car-
tions deduction) which are limited, for example,
pursuant to 26 C.F.R. 301.9100-2” at the top of
rybacks (except for farming NOLs which are
by taxable income or adjusted gross income, are
the statement. Also include the statement noted
permitted a two-year carryback), and allows
to be recomputed after carryback of the NOL.
above that you are waiving the carryback period.
unused NOLs to be carried forward indefinitely.
If the amount of any tax for any taxable year is
Once you elect to waive the carryback period,
• For net operating losses arising in tax years
unpaid, including any installment not yet due, at
it cannot be changed later.
beginning after December 31, 2017, Act 27,
the date of filing the application, enter the unpaid
Session Laws of Hawaii 2018, limits the NOL
If you do not file this statement on time, the
amount of such tax in the appropriate column.
deduction to 80% of taxable income.
carryback period cannot be waived and you must
Note:
As provided by statute, adjustment to
first carry the farming NOL back before carrying
• For tax years beginning after December
refundable tax credits, except the credit for child
it forward.
31, 2017, and before January 1, 2026, Act
and dependent care expenses, must be claimed
27, Session Laws of Hawaii 2018, limits the
However, no part of any farming NOL incurred
on or before the end of the year following the year
amount of losses from the trades or business-
outside of the State prior to beginning business in
for which the credits are claimed.
es of noncorporate taxpayers that the taxpayer
the State may be included in such election.
D. ALLOWANCE OF ADJUSTMENT.—The
can claim each year. Taxpayers can’t deduct
Change in Filing Status. Special rules apply
Director of Taxation will act on this application
losses in excess of a threshold amount in the
if you filed a joint return (or a separate return) for
within 90 days from whichever of the following
current year. The amount of the excess busi-
some but not all of the tax years involved in fig-
two dates is later:
ness loss is treated as an NOL carryover to
uring an NOL carryback. For details, see federal
1. The date on which this application is filed;
later tax years. Use federal Form 461 to figure
Publication 536. Attach a computation showing
or
the excess business loss.
how you figured the carryback.
A. WHO MAY FILE AN APPLICATION.—An
2. The last day of the month in which falls the
B. TIME AND PLACE FOR FILING.—This
last date prescribed by law (including any exten-
application for a tentative carryback adjustment
form must be filed with the Hawaii Department
sion of time granted) for filing the return for the
may be filed by any individual, estate, trust, or
of Taxation at P.O. Box 3559, Honolulu, Hawaii
taxable year of the NOL from which the carryback
fiduciary who desires a quick refund of taxes
96811-3559, and must be filed on or after the
results.
which are affected by the carryback of a farm-
date of filing of the return for the taxable year of
E. DISALLOWANCE OF APPLICATION.—
ing NOL.
the NOL and within 12 months from the end of
Any application which contains material omis-
A “farming loss” means the lesser of (1) the
such taxable year. Do not attach this form to your
sions or computation errors which the Director of
amount which would be the NOL for the taxable
income tax return.
Taxation deems cannot be corrected within the
year if only income and deductions attributable
Note: If you fail to meet the foregoing limitation,
90-day period may be disallowed. This applica-
to farming businesses are taken into account, or
you may file an amended return within three
tion for a tentative carryback adjustment does not
(2) the amount of the NOL for such taxable year.
years of the due date prescribed for filing the
constitute a claim for credit or refund. If this ap-
Note: NOLs are limited by IRC section 461(l),
return, including extensions, for the NOL year or
plication is disallowed in whole or in part, no suit
so the NOL carryback generally will not exceed
the period agreed to under a written extension of
based thereon may be maintained in any court
$250,000 ($500,000 for joint returns). See the
time, whichever is later.
for the recovery of the tax. The taxpayer may,
Instructions for federal Form 461, Limitation on
C. RECOMPUTATION OF TAX LIABILITY.—
however, file a regular claim for credit or refund
Business Losses.
To arrive at the decrease in the tax previously
on an amended return at any time before the ex-
Note: If you are a nonresident or part-year
determined, recompute the tax after taking the
piration of the applicable period of limitation, as
resident (Form N-15 filer), you cannot file Form
carryback(s) into account. Form N-11 or N-40
further explained in Item G.
N-109. However, you may use Schedule A (Form
and instructions for the applicable year will be
F. EXCESS ALLOWANCES.—Any amount
N-109) to figure your NOL that is available for
helpful in making this recomputation.
applied, credited, or refunded on the basis of
carryback or carryforward. You must file an
Figure the amount of decrease, attributable
this application which is later determined by the
amended return on Form N-15 to carry back your
to the carryback, in tax previously determined for
Department of Taxation to be excessive may be
farming NOL. See Item G, Amended Return, for
each tax year before the tax year of the NOL. The
assessed as a deficiency as if it were due to a
information on filing an amended return.
tax previously determined will be the tax shown
mathematical or clerical error appearing on the
A taxpayer has an option on whether or not to
on the return as filed, increased by any amounts
return.
carry a farming loss back first before carrying it
assessed (or collected without assessment) as
G. AMENDED RETURN.—An individual, es-
forward. This form should only be used by those
deficiencies before the date of the filing of the ap-
tate, trust, or fiduciary may obtain a refund by
taxpayers choosing to carry their farming losses
plication, and decreased by any amounts abated,
filing an amended return. A separate amended
back.
credited, refunded, or otherwise repaid prior to
return must be filed for each year that a refund is
Election Not to Carryback. You may elect to
that date.
requested. Generally, the amended return must
carry the farming NOL forward instead of first car-
After figuring the tax previously determined,
be filed within 3 years after the due date of the
rying it back to prior years. If you make this elec-
figure the decrease in tax previously determined
return for the tax year of the NOL.
tion, then you can use your farming NOL only in
attributable to the carryback and any related ad-
If you are an individual, fill in the amended
the carryforward period.
justments on the basis of the items of tax taken
return oval and the NOL Carryback oval at the
into account in computing the tax previously de-
To make this election, attach a statement to
top of Form N-11 or Form N-15. Complete your
termined. In determining any decrease attribut-
your original return filed by the due date (includ-
amended return with all of the correct information.
able to the carryback or any related adjustment,
ing extensions) for the farming NOL year. This
Attach Schedule AMD, Explanation of Changes
items must be taken into account only to the ex-
statement must state that you are electing to
on Amended Return, to the income tax return.
tent that they were reported on the return, or were
waive the carryback period under section 235-
Also attach all forms and statements required to
reflected in amounts assessed (or collected with-
7(d), HRS, and IRC section 172(b)(1)(B)(iv).
file a complete return. If you are claiming any tax
out assessment) as deficiencies, or in amounts
If you filed your original return on time but
credits, remember to attach the required forms,
did not file the statement with it, you can make
such as Schedule CR and Schedule X, even if
Page 3
FORM N-109
(REV. 2018)
you claimed the credits on the original return. A
NOL carryback over 80% of the taxable income
the NOL for the taxable year if only income and
copy of your original federal income tax return for
of such prior year(s) figured with the following
deductions attributable to farming businesses are
the loss year must also be attached.
modifications:
taken into account, or (2) the amount of the NOL
H. YEARS TO WHICH YOU MAY CARRY AN
on page 2, Schedule A, line 10.
(1) Your deduction for capital losses must not
NOL.— For NOLs arising in tax years ending
Line 7. Net operating loss deduction re-
be more than the capital gains included in gross
sulting from carryback. — Your NOL deduction
after December 31, 2017, NOL carrybacks are
income.
eliminated (except for farming NOLs which are
is limited to 80% of taxable income.
(2) You are not permitted any deduction for
permitted a two-year carryback), and unused
Line 9. Deductions. — Individuals — Enter
the excess of a net long-term capital gain over a
NOLs may be carried forward indefinitely.
net short-term capital loss.
the amount of your itemized deductions, after any
Any amount of the loss not used to offset 80%
limitations, or the standard deduction amount if
(3) Your taxable income for the prior tax
of the taxable income (adjusted, as explained in
you did not itemize your deductions.
year(s) is determined without taking into account
Item K) for the second preceding year is carried
the NOL carryback from the loss year or any later
If your Hawaii adjusted gross income was
to the first preceding year. Where the loss is not
tax year. NOLs, otherwise allowable as carry-
more than $83,400, and you were not able to
entirely used to offset 80% of the taxable income
backs or carryovers, occurring in tax years before
deduct all of your itemized deductions, enter the
(adjusted) in the 2 preceding years, the balance
such loss year, are taken into account in figuring
amount you were able to deduct as calculated on
may be carried forward indefinitely.
the taxable income for the prior tax year.
the Total Itemized Deductions Worksheet in your
I. NOL DEDUCTION.—The sum of your NOL
Form N-11 instruction booklet.
(4) You may not claim any personal exemp-
carrybacks and carryovers is your NOL deduc-
tions.
The standard deduction amounts are $2,200
tion for the tax year to which carried. Before you
for single or married filing separately filers; $3,212
(5) Any deductions claimed, except charitable
can figure your NOL deduction for the year, you
for head of household filers; and $4,400 for mar-
contributions, which are based on or limited to a
must first determine what part of any NOLs for
ried filing jointly or qualifying widow(er) filers.
percentage of adjusted gross income (such as
any earlier or later tax years represents carry-
Line 11. Exemptions. — Individuals — Enter
medical expenses) must be refigured on the ba-
overs or carrybacks to the tax year under con-
sis of the adjusted gross income after application
$1,144 times the number of exemptions claimed.
sideration. When you have more than one NOL
of adjustments (1), (2), and (3) above. The de-
Those qualifying for the disability exemp-
to be carried to the same tax year, apply the loss
duction for charitable contributions is determined
tion use the appropriate amounts instead of the
from the earliest year first.
using the same adjustments except that you do
above.
J. COMPUTATION WHEN THE NOL IS FUL-
not take into account any NOLs being carried
Line 13. Income Tax. — Refigure your tax af-
LY ABSORBED IN THE EARLIEST PRECED-
back.
ter the carryback to determine the tax decrease.
ING TAX YEAR.—In refiguring your tax liability
The taxable income as modified is to be con-
Include in the tax before carryback, amounts
for the year to which the NOL is carried and fully
sidered not less than zero.
shown on your original or amended return, and
absorbed, the deduction for charitable contribu-
L. ATTACHMENTS.—Attach a copy of your
later adjusted, based on an examination of your
tions is determined without regard to any NOL
original federal income tax return for the loss year
return.
carryback. Any other deductions claimed, based
to Form N-109. If a copy of your federal return is
Attach a detailed computation of the new tax
on or limited to a percentage of your adjusted
not attached, the processing of your return and
liability shown on line 13, columns (b) and (d).
gross income (such as medical expenses) must
refund may be delayed.
The tax form and instructions for the applicable
be refigured on the basis of your adjusted gross
year will be helpful in making this computation.
income, determined after application of the NOL
Line-By-Line Instructions For
Include in the amount on line 13 any tax from
carryback. Also, any credits based on or limited
Form N-109
Forms N-2, N-103, N-152, N-312, N-318, N-338,
by the tax may be figured on the tax liability as
N-344, N-348, N-405, N-586, or N-814.
determined after application of the NOL carry-
Enter in columns (a) and (c), your tax for the
Line 16. Nonrefundable tax credits. — En-
back.
applicable carryback year as shown on your orig-
K. COMPUTATION WHEN THE NOL IS
inal or amended return. If the return was exam-
ter the total of your nonrefundable tax credits. Do
NOT FULLY ABSORBED IN PRECEDING TAX
ined, enter the amounts that were determined as
not enter an amount that is more than the amount
YEAR(S).—The amount of an NOL which you
a result of the examination.
of your adjusted income tax liability on line 15. If
Line 2. Amount of net operating loss. —
line 15 is zero or less, enter zero on line 16.
may carry to the next year, after applying it to a
prior year or years, is the excess, if any, of the
Enter the lesser of (1) the amount which would be
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