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      • Yes, Kentucky allows a deduction based on IRC Sec. 172, (Sec. 141.011 (1), KRS) except it limits the deduction to 80% of taxable income for NOLs arising after 2017. (Instructions, Schedule KNOL, Kentucky Net Operating Loss Schedule) A taxpayer must compute the NOL deduction using income and expenses allowed or allowable on the Kentucky return.
      answerconnect.cch.com › document › jky0109013e2c83ade2f0

      CCH AnswerConnect | Wolters Kluwer

  2. support.taxslayer.com › hc › en-usWhat type of income can I subtract from my Kentucky return?

    Kentucky Net Operating Loss (NOL) (line 16) Keep a record of how the NOL was calculated for your records. Other Subtractions from federal adjusted gross income: income of precinct workers for election training or working at election booths; capital gains on property taken by eminent domain;

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  4. revenue.ky.gov › DOR Training Materials › 103 KAR 16103 KAR 16:250. Net operating loss computation and deduction ...

    Net Operating Loss Limitation. (1) Corporations that generated net operating losses may carryforward those losses to deduct against taxable net income. The deduction for losses generated for tax years beginning on or after January 1, 2018, shall be limited to eighty.

  5. answerconnect.cch.com › document › jky0109013e2c83CCH AnswerConnect | Wolters Kluwer

    Does Kentucky allow a net operating loss (NOL) deduction? Yes, Kentucky allows a deduction based on IRC Sec. 172, ( Sec. 141.011(1), KRS) except it limits the deduction to 80% of taxable income for NOLs arising after 2017.

  6. www.reedsmith.com › en › perspectivesBeware of the Kentucky NOL Apportionment Flip-Flop

    Apr 28, 2021 · Those new rules applied “if a corporation that previously filed a separate return and incurred net operating losses as a separate entity, will now be filing as part of a consolidated nexus return.” 1

  7. revenue.ky.gov › Forms › Schedule KNOL 2022SCHEDULE KNOL NET OPERATING K LOSS SCHEDULE

    PART I—CURRENT YEAR NET OPERATING LOSS. Note: PART I should only be used if you have a loss for the current tax year . SECTION A—Calculate your current year net operating loss. 1 Enter amount from Form 740, line 9 (Form 740-NP, line 9) (estates and trusts, skip lines 1 and 2)..... 1 00

  8. revenue.ky.gov › Forms › 21_41A720NOL(10-21)(0003NET OPERATING LOSS SCHEDULE 2021 - Department of Revenue

    INSTRUCTIONS FOR SCHEDULE NOL. Purpose of Schedule—This schedule is used by separate return and elective consolidated return filers per KRS 141.201(3)(b) or 141.201(3)(a)2 to determine the net operating loss deduction and to track any available net operating loss carryforward.

  9. www.nolo.com › legal-encyclopedia › how-deductHow to Deduct Business Losses and Net Operating Losses

    If your losses exceed your income from all sources for the year, you have a "net operating loss" (NOL for short). While it's not pleasant to lose money, an NOL can reduce your tax liability for the current and future years.

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