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Alabama Computation of Net Operating Loss for Fiduciary Return (Form 41)
Extracted from PDF file 2023-alabama-form-nol-f85.pdf, last modified July 2019Computation of Net Operating Loss for Fiduciary Return (Form 41)
*23001841* FORM NOL-F85 Reset Form AlAbAmA DepArtment of revenue Rev. 2020 Computation of net operating loss • ESBT NOL Loss year ending •______________________ fiduciary return form 41 Federal Employer Identification Number Name of Estate or Trust as shown on Form 41 PURPOSE OF FORM NOL-F85: Form NOL-F85 is used to compute the amount of a net operating loss originating in a tax year. It is used to determine the amount of net operating loss that can be carried back or forward to another tax year. Part III of the form is used to make an election to forfeit the carryback of the net operating loss to prior tax year, and only carry the net operating loss forward to future tax years. PART I – Excess of Nonbusiness Deductions Over Nonbusiness Income NONBUSINESS DEDUCTIONS CLAIMED ON FORM 41 OR SCHEDULE ESBT 1 Interest paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 • 2 Taxes paid (including Federal Income Tax and Estate Tax) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 • 3a Loss on sale of nonbusiness assets (Enter as positive amount) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3a • 3b Other nonbusiness deductions (list) • 3b • 4 TOTAL NONBUSINESS DEDUCTIONS. Add Lines 1, 2, 3a, and 3b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NONBUSINESS INCOME REPORTED ON FORM 41 OR SCHEDULE ESBT 5 • 5 Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 • 7 Federal income tax refunds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 • 8 Estate and/or Trust income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 • 9 Gain on sale of nonbusiness assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 • 10 Other nonbusiness income reported on Form 41 (list)• 4 • 10 • TOTAL NONBUSINESS INCOME. Add lines 5 through 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 • EXCESS NONBUSINESS DEDUCTIONS OVER NONBUSINESS INCOME. If line 4 exceeds line 11, subtract line 11 from line 4 and enter here and on line 15 below. If line 11 exceeds line 4, enter –0– here and on line 15 below . . . . . . . . . . 12 • PART II – Computation of Net Operating Loss 13 Enter the amount from Alabama Form 41, page 1, line 5(Alabama Taxable income), or line 6 (Total ESBT Income). This calculation cannot include the income distribution deduction on Form 41, page 1, line 2. Schedule ESBT NOL, use Schedule ESBT, line 20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 ( • 14 Fiduciary Exemption from Form 41, page 1, line 3 (non-applicable from Schedule ESBT) 14 • 15 Enter the Excess Nonbusiness Deductions Over Nonbusiness Income from line 12, Part I above . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 • 11 12 ) TOTAL MODIFICATIONS. Add lines 14 and 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 • NET OPERATING LOSS ALLOWABLE. Combine the amounts on lines 13 and 16. If the result is a negative figure, enter here. If zero or a positive figure –STOP– DO NOT FILE THIS FORM. You do not have an allowable net operating loss . . . . . 17 • PART III – Election To Forfeit Carryback Provision (Caution – Do Not Complete Part III If You Are Carrying Loss Back) 16 17 If the amount on line 17, Part II above is a negative figure, you may elect to carry this loss forward or it must be carried back 2 years and any unused portion may then be carried forward to succeeding years (see instructions). See Part III instructions for election to forfeit carryback provision. By checking the box, I hereby elect to forfeit the carryback provision and instead elect to carryforward any allowable net operating loss for this taxable year. . . . . . . . . . . • ADOR
Form NOL-F85
More about the Alabama Form NOL-F85 Corporate Income Tax TY 2023
We last updated the Computation of Net Operating Loss for Fiduciary Return (Form 41) in February 2024, so this is the latest version of Form NOL-F85, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form NOL-F85 directly from TaxFormFinder. You can print other Alabama tax forms here.
Related Alabama Corporate Income Tax Forms:
TaxFormFinder has an additional 47 Alabama income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Alabama Form NOL-F85.
| Form Code | Form Name |
|---|---|
| Form NOL-F85A | Application of Net Operating Loss Carryback or Carryforward for Fiduciary Return (Form 41) |
View all 48 Alabama Income Tax Forms
Form Sources:
Alabama usually releases forms for the current tax year between January and April. We last updated Alabama Form NOL-F85 from the Department of Revenue in February 2024.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Alabama Form NOL-F85
We have a total of thirteen past-year versions of Form NOL-F85 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2011 Form NOL-F85
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