Form NYC-NOLD-GCT "Net Operating Loss Deduction Computation" - New York City

What Is Form NYC-NOLD-GCT?

This is a legal form that was released by the New York City Department of Finance - a government authority operating within New York City. As of today, no separate filing guidelines for the form are provided by the issuing department.

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  • Released on August 28, 2020;
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Download Form NYC-NOLD-GCT "Net Operating Loss Deduction Computation" - New York City

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NET OPERATING LOSS DEDUCTION COMPUTATION
- NOLD-GCT
2019
GENERAL CORPORATION TAX
ATTACH TO FORM NYC-3A, NYC-3L, NYC-4S or NYC-4SEZ
For CALENDAR YEAR 2019 or FISCAL YEAR beginning ____________________ 2019 and ending ________________________
Print or Type
t
EMPLOYER IDENTIFICATION NUMBER
Name as shown on NYC-3A, NYC-3L, NYC-4S or NYC-4SEZ:
SCHEDULE A - NYC Net Operating Loss Deduction Schedule (NOLD)
APPLICABLE
COLUMN A -
COLUMN B -
COLUMN C -
COLUMN D -
COLUMN E -
COLUMN F -
COLUMN G -
YEAR
Amount from NYC-3A,
Tax Year
Federal Taxable
NYC Net Operating Loss
NYC Net Operating
NYC Net Operating
NYC Net Operating
Income (Loss)
NYC-3L, NYC-4S
Generated (attach rider for
Loss Utilized
Loss Expired
Loss Remaining
before NOL and
or NYC-4SEZ
Separate Return Limitation
special deductions
Year (SRLY) Loss)
(See instructions)
A. NOL Carryforward from prior years
___________________________________________________________________________________________________________________________________________________________________
1. 20th preceding yr
___________________________________________________________________________________________________________________________________________________________________
2. 19th preceding yr
___________________________________________________________________________________________________________________________________________________________________
3. 18th preceding yr
___________________________________________________________________________________________________________________________________________________________________
4. 17th preceding yr
___________________________________________________________________________________________________________________________________________________________________
5. 16th preceding yr
___________________________________________________________________________________________________________________________________________________________________
6. 15th preceding yr
___________________________________________________________________________________________________________________________________________________________________
7. 14th preceding yr
___________________________________________________________________________________________________________________________________________________________________
8. 13th preceding yr
___________________________________________________________________________________________________________________________________________________________________
9. 12th preceding yr
___________________________________________________________________________________________________________________________________________________________________
10. 11th preceding yr
___________________________________________________________________________________________________________________________________________________________________
11. 10th preceding yr
___________________________________________________________________________________________________________________________________________________________________
12. 9th preceding yr
___________________________________________________________________________________________________________________________________________________________________
13. 8th preceding yr
___________________________________________________________________________________________________________________________________________________________________
14. 7th preceding yr
___________________________________________________________________________________________________________________________________________________________________
15. 6th preceding yr
___________________________________________________________________________________________________________________________________________________________________
16. 5th preceding yr
___________________________________________________________________________________________________________________________________________________________________
17. 4th preceding yr
___________________________________________________________________________________________________________________________________________________________________
18. 3rd preceding yr
___________________________________________________________________________________________________________________________________________________________________
19. 2nd preceding yr
___________________________________________________________________________________________________________________________________________________________________
20. 1st preceding yr
___________________________________________________________________________________________________________________________________________________________________
21. Current year
___________________________________________________________________________________________________________________________________________________________________
Note: Current Year's Net Operating Loss Utilized should be carried forward to NYC-3A or NYC-3L, Sch. B, Line 11 or NYC-4S, Sch. B, Line 6a or NYC-4SEZ, Sch.B, line 4.
n
n
Were there any special federal Net Operating Loss elections? ................................................................................................................
YES
NO
SCHEDULE B - Complete the Net Operating Loss Apportionment to Investment Income ( if applicable)
NYC Net Operating Loss Apportionment To Investment Income
AMOUNT
DESCRIPTION
1. Investment Income before Net Operating Loss from NYC-3A or NYC-3L, Sch. B line 20g........................................... 1. __________________________
2. Entire Net Income before Net Operating Loss from NYC-3A or NYC-3L, Sch. B line 18 or 19 plus line 11 .................... 2. __________________________
3. Ratio: (Divide line 1 by line 2)............................................................................................................................... 3. __________________________
4. Net Operating Loss (NYC-3A or NYC 3L, Sch. B line 11) ......................................................................................... 4. __________________________
5. Net Operating Loss Apportionment to Investment Income (multiply line 3 by line 4 and enter on NYC-3A or NYC-3L, Sch. B line 21). 5. __________________________
NYC-NOLD-GCT 2019 - Rev. 08.28.2020
NET OPERATING LOSS DEDUCTION COMPUTATION
- NOLD-GCT
2019
GENERAL CORPORATION TAX
ATTACH TO FORM NYC-3A, NYC-3L, NYC-4S or NYC-4SEZ
For CALENDAR YEAR 2019 or FISCAL YEAR beginning ____________________ 2019 and ending ________________________
Print or Type
t
EMPLOYER IDENTIFICATION NUMBER
Name as shown on NYC-3A, NYC-3L, NYC-4S or NYC-4SEZ:
SCHEDULE A - NYC Net Operating Loss Deduction Schedule (NOLD)
APPLICABLE
COLUMN A -
COLUMN B -
COLUMN C -
COLUMN D -
COLUMN E -
COLUMN F -
COLUMN G -
YEAR
Amount from NYC-3A,
Tax Year
Federal Taxable
NYC Net Operating Loss
NYC Net Operating
NYC Net Operating
NYC Net Operating
Income (Loss)
NYC-3L, NYC-4S
Generated (attach rider for
Loss Utilized
Loss Expired
Loss Remaining
before NOL and
or NYC-4SEZ
Separate Return Limitation
special deductions
Year (SRLY) Loss)
(See instructions)
A. NOL Carryforward from prior years
___________________________________________________________________________________________________________________________________________________________________
1. 20th preceding yr
___________________________________________________________________________________________________________________________________________________________________
2. 19th preceding yr
___________________________________________________________________________________________________________________________________________________________________
3. 18th preceding yr
___________________________________________________________________________________________________________________________________________________________________
4. 17th preceding yr
___________________________________________________________________________________________________________________________________________________________________
5. 16th preceding yr
___________________________________________________________________________________________________________________________________________________________________
6. 15th preceding yr
___________________________________________________________________________________________________________________________________________________________________
7. 14th preceding yr
___________________________________________________________________________________________________________________________________________________________________
8. 13th preceding yr
___________________________________________________________________________________________________________________________________________________________________
9. 12th preceding yr
___________________________________________________________________________________________________________________________________________________________________
10. 11th preceding yr
___________________________________________________________________________________________________________________________________________________________________
11. 10th preceding yr
___________________________________________________________________________________________________________________________________________________________________
12. 9th preceding yr
___________________________________________________________________________________________________________________________________________________________________
13. 8th preceding yr
___________________________________________________________________________________________________________________________________________________________________
14. 7th preceding yr
___________________________________________________________________________________________________________________________________________________________________
15. 6th preceding yr
___________________________________________________________________________________________________________________________________________________________________
16. 5th preceding yr
___________________________________________________________________________________________________________________________________________________________________
17. 4th preceding yr
___________________________________________________________________________________________________________________________________________________________________
18. 3rd preceding yr
___________________________________________________________________________________________________________________________________________________________________
19. 2nd preceding yr
___________________________________________________________________________________________________________________________________________________________________
20. 1st preceding yr
___________________________________________________________________________________________________________________________________________________________________
21. Current year
___________________________________________________________________________________________________________________________________________________________________
Note: Current Year's Net Operating Loss Utilized should be carried forward to NYC-3A or NYC-3L, Sch. B, Line 11 or NYC-4S, Sch. B, Line 6a or NYC-4SEZ, Sch.B, line 4.
n
n
Were there any special federal Net Operating Loss elections? ................................................................................................................
YES
NO
SCHEDULE B - Complete the Net Operating Loss Apportionment to Investment Income ( if applicable)
NYC Net Operating Loss Apportionment To Investment Income
AMOUNT
DESCRIPTION
1. Investment Income before Net Operating Loss from NYC-3A or NYC-3L, Sch. B line 20g........................................... 1. __________________________
2. Entire Net Income before Net Operating Loss from NYC-3A or NYC-3L, Sch. B line 18 or 19 plus line 11 .................... 2. __________________________
3. Ratio: (Divide line 1 by line 2)............................................................................................................................... 3. __________________________
4. Net Operating Loss (NYC-3A or NYC 3L, Sch. B line 11) ......................................................................................... 4. __________________________
5. Net Operating Loss Apportionment to Investment Income (multiply line 3 by line 4 and enter on NYC-3A or NYC-3L, Sch. B line 21). 5. __________________________
NYC-NOLD-GCT 2019 - Rev. 08.28.2020
Instructions for Form NYC-NOLD-GCT - 2019
Page 2
from entire net income: (2) the deductions must not include any
GENERAL INFORMATION
taxable year in which the taxpayer was not subject to the New
York City tax; and (3) the deduction shall not exceed the federal
Note that according to the federal Tax Cuts and Jobs Act of
net operating loss deduction for the period. See NYC Adminis-
2017, most net operating losses (NOL) generated during or
trative Code section 11-602(8)(f). Note that as a result of clause
after 2018 may no longer be carried back. These losses may
(3), above, the NYC Net Operating Loss deduction will be sub-
be carried forward indefinitely; however each year’s NOL
ject to any applicable restrictions on the taxpayer’s federal net
deduction will be limited to 80% of federal taxable income
operating loss limitations, including the federal "as if" net oper-
(without regard to the deduction).
ating loss limitation provided in IRC section 382 and the fed-
eral Separate Return Limitation Year (SRLY) limitation set forth
WHO SHOULD FILE THIS FORM?
in Treasury Regulation section 1.1502-15.
NOTE: This form may be used by federal Subchapter S Cor-
SPECIFIC INSTRUCTIONS
porations and Qualified Subchapter S Subsidiaries only. If any
instructions appear to apply to C Corporations, they should
be read to apply only to S corps and qualified S subsidiaries.
SCHEDULE A - COLUMN BY COLUMN
INSTRUCTIONS
This schedule should be completed for net operating losses being
utilized in the current year and subsequent years. A combined
NOTE: Except with respect to the amount on Line A regarding an
group of corporations should file one Form NYC-NOLD-GCT
interrupted NOL, discussed below, Schedule A should not include
for the entire group.
prior year losses that have been fully used or expired previously.
Only the losses expiring or used in the current year and all losses re-
The net operating loss is computed as though the federal Sub-
maining to be carried forward should be included in the schedule.
chapter S election had not been made.
Line A:
New York City generally allows net operating losses to be used
NOL Carryforward from prior years: Enter the NOL Carryfor-
in the same manner as provided under Internal Revenue Code
ward available for NYC purposes during the years indicated on
(“IRC”) Section 172. However, for losses sustained during tax-
Schedule A that was generated in tax years more than 20 years
able years ending after June 30, 1989, only the first $10,000 of
prior to the current year and where the carryforward of this loss
loss in any taxable year may be carried back to preceding taxable
interrupted the use of net operating losses generated during the
periods as permitted under IRC Section 172. Any remaining
twenty year period indicated on Schedule A which was subse-
NOL may be carried forward: for loss years before 8/5/1997
quently partially or wholly used during the current year. Attach
there is a 15-year carry forward; for loss years beginning after
a schedule indicating the year(s) the NOL was generated, the
8/5/1997 and ending on or before December 31, 2017, there is a
amount used and the year(s) it was used.
20-year loss carry forward.
Example:
Losses incurred during taxable years ending after December 31,
In 1988 Taxpayer A had a net operating loss of $1 million. Tax-
2017, may not be carried back, but can be carried forward in-
payer A carried forward $500,000 of this NOL to 1989. Subse-
definitely. The deduction for losses incurred during taxable years
quently, in 2002, Taxpayer A had a net operating loss of
beginning after December 31, 2017, is limited to 80% of federal
$300,000. In 2003, instead of carrying forward the loss from
taxable income calculated as if the corporation had not made the
2002, Taxpayer used the $500,000 net operation loss available
election pursuant to subchapter S of the IRC (without regard to
from 1988. Taxpayer A then carries forward the NOL generated
the deduction).
in 2002 to 2005 (using $150,000) and 2012 (using the remain-
ing $150,000). Because the use of the 1988 loss interrupted the
Any net operating loss that may be carried back or forward for
use of the loss incurred in 2002 and the 2002 loss was partially
federal tax purposes must be adjusted to reflect the additions and
used in 2012, the 1988 loss should be reflected on Line A of
subtractions required by Section 11-602(8)(f) of the NYC Ad-
Schedule A of this form filed with the 2012 return. If instead
ministrative Code.
Taxpayer A had carried forward the available $500,000 loss from
1988 to 1990 or if the 2002 loss had been used prior to the cur-
If a corporation files a federal consolidated return, but for New
rent year, the loss generated in 1988 would not need to be re-
York City purposes files a separate return rather than a combined
flected on Line A or Schedule A of the NOLD form filed with the
return, that corporation must determine its eligibility for a net
2012 return.
operating loss deduction by computing the deduction for New
York City purposes as if it filed on a separate basis for federal
NOTE: In any tax year where an NOL is generated, you may
purposes.
not have an NOL utilized except in the following situation.
As more fully explained below, any NYC Net Operating Loss
The New York City (“NYC”) Net Operating Loss deduction is
amount carried back to a previous year should be included
subject to three general statutory limitations: (1) any net operat-
in the year or period in which the Net Operating Loss was
ing loss must be adjusted to reflect the inclusions and exclusions
generated.
Instructions for Form NYC-NOLD-GCT - 2019
Page 3
Column A
tween business income and investment income. The amount ap-
For fiscal year taxpayers insert the year in which the taxpayer’s
portioned to investment income is determined by multiplying
fiscal year began
the NOL deduction by a fraction. The numerator is the invest-
ment income before deducting any net operating loss. The de-
Column B
nominator is entire net income before deducting any net
Insert amount from Form NYC-ATT-S-CORP, Part III, line 22.
operating loss. The fraction should be expressed as percentage
with two decimals places.
Column C
For taxpayers filing form NYC-3A or NYC-3L, use the amount
computed as follows: take the amount from Form NYC-3A or
NYC-3L, Schedule B, line 18 or 19, plus the amount from line
11. For taxpayers filing form NYC-4S, take the amount from
Schedule B, line 8, plus the amount on line 6a. For taxpayers fil-
ing Form NYC-4SEZ, take the amount from Schedule B, line 6,
plus the amount on line 4.
Column D
Use the amount for the same period from Column C, as modified
by any applicable federal net operating loss limitations such as
the IRC section 382 limitations and the SRLY limitations.
Column E
Include the amount of the NYC Net Operating Loss utilized by
the taxpayer in each of the years listed since the year generated.
Any NYC Net Operating Loss amount carried back to a previ-
ous year should be reflected in Column E in the year or period
in which the Net Operating Loss was generated. Except as in-
dicated in the previous sentence, in any tax period in which an
NYC NOL is generated, you may not have an NYC NOL uti-
lized. In the case of Net Operating Losses generated in taxable
years beginning after December 31, 2017, the total amount of
NYC NOLs utilized may not exceed 80% of federal taxable in-
come.
Column F
Only include the NYC Net Operating Loss expiring in the cur-
rent tax period.
Column G
For the earliest year from which an NYC Net Operating Loss
utilized in the current year is generated, the amount in Column
G should be the same as the amount in Column D, unless the
taxpayer has carried back an amount to a prior year in which
case the amount in Column G is the amount in Column D, less
the amount in Column E. For all subsequent years, except the
current year, the amount in Column G is the amount in Column
G for the immediately preceding year, plus the amount in Col-
umn D, less the amount, if any, in Column E. For the current
year on line 21 of Schedule A, the amount in Column G is the
amount in Column G for the immediately preceding year, plus
the amount in Column D, less the amounts, if any, in Column E
and/or Column F.
SCHEDULE B - NOL APPORTIONMENT TO INVEST-
MENT INCOME (if applicable)
Corporations that claim both business and investment income
must apportion any Net operating Loss (NOL) deduction be-
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