Not all information is automatically carried forward to necessary schedules.
Furthermore, form 4797 must be filled out completely before a loss reported on form 1040 can be carried forward.
Sales and all depreciation information are carried forward to their respective schedules correctly.
All information is carried forward to respective schedules.
An NOL can be carried forward
or back; excess investment interest can only be carried forward
The remaining $1,000 of NDNC expenses are carried forward to the subsequent year and will reduce S's basis in that subsequent year.
Under the general ordering rule, the deductible expenses would be carried forward if the shareholder's basis were insufficient to allow reduction of the full amount of deductible and NDNC expenses.
Under the elective ordering rule, the requirement that NDNC expenses be carried forward to reduce basis in subsequent years may cause adverse tax effects and eliminate the perceived benefit of the elective ordering rule.
The unused NDNC expenses of $1,000 would not be carried forward and would never reduce S's basis.
One remaining week is nonelective, and can be carried forward
because it is not a benefit offered through the cafeteria plan.
Including the profit brought forward from 1994, the profit available for allocation was US$27,745,812 of which US$20,514,500 was allocated to pay an unchanged net dividend to shareholders with US$6,952,812 to be carried forward
into fiscal year 1996.
Yet it is not considered part of the prechange NOL carried forward to 1992 ($15,000) because it was recognized subsequent to the close of the prior year.
This amount is not subject to limitation and can be carried forward 15 years.
The entire NOL is instead carried forward to the earliest year in the carryover period.
To the extent that P has attempted to limit the election merely to the regular NOL, the election may be invalid and not only would the carryback sought by P for his AMT NOL be permissible, but the regular NOL would also have to be carried back before it could be carried forward.