Alaska Tax Attributes Carryovers Instructions

Tax Attributes Carryovers Instructions
Form 6385i
2023 Instructions for Form 6385
Tax Attributes Carryovers
GENERAL INSTRUCTIONS
Purpose of Form
Use Form 6385 to claim carryovers and carrybacks of net operating
loss (NOL), excess charitable contributions, and unused capital
losses.

SPECIFIC INSTRUCTIONS

Line 8, NOL carryback to be utilized: Enter the lesser of line
6 or line 7. Enter this amount on Schedule A, line 2 in the space
provided for “carryback” of the relevant Alaska corporate income
tax return.
Line 9, Unused capital loss carryover: In column A, enter the
year-end of the tax year in which the unused capital loss was
generated. In column B, enter the unused capital loss. In column
C, enter the capital loss previously utilized. In column D, enter the
unused capital loss available for the current tax year.

Enter all numbers as positive numbers. If you need additional
lines for any section of the form, attach additional Forms 6385 as
necessary.

Line 10, Total capital loss carryover available: Enter the total of
line 9, column D. This is the unused capital loss available for use
in the current year, subject to limitations in Internal Revenue Code
Section 1212.

If you are claiming tax attributes from an Alaska taxpayer that
is different from the taxpayer(s) filing the return, write the name
and EIN of the Alaska taxpayer which generated the attributes in
the space provided. Prepare two Forms 6385, if you are claiming
tax attributes from a different Alaska taxpayer, in addition to tax
attributes generated by the taxpayer(s) filing the return.

Line 11, Net Alaska capital and section 1231 gains: Enter the
amount of current net Alaska and section 1231 gains against
which unused capital losses may be utilized. This is the amount
from (an as-if) Schedule J, the sum of lines 17–18, without an
entry on line 9.

Line 1, NOL carryover generated prior to tax years beginning
01/01/2018: In column A, enter the year-end of the tax year in
which the NOL was generated, in the format mm/dd/yyyy. In
column B, enter the NOL generated in that year. In column C,
enter the amount of any charitable contribution carryover that was
converted to NOL. In column D, enter the amount of NOL (from
the listed year) that was previously utilized. In column E, enter the
amount of NOL available for the current tax year.
Line 3, Alaska income: Enter the amount from Schedule A, line
1 (of the relevant Alaska corporate income tax return), but not less
than zero.
Line 4d, NOL carryover generated on tax years beginning
after 12/31/2017: In column A, enter the year-end of the tax year
in which the NOL was generated, in the format mm/dd/yyyy. In
column B, enter the NOL generated in that year. In column C,
enter the amount of any charitable contribution carryover that was
converted to NOL. In column D, enter the amount of NOL (from
the listed year) that was previously utilized. In column E, enter the
amount of NOL available for the current tax year.

Line 12, Capital loss carryover to be utilized: Enter the lesser
of line 10 or line 11, here and on Schedule J, line 9, in the space
provided for “carryover utilized” of the relevant Alaska corporate
income tax return.
Line 13, Unused capital loss for carryback: In column A, enter
the year-end of the tax year in which the unused capital loss was
generated. In column B, enter the unused capital loss. In column
C, enter the capital loss previously utilized. In column D, enter the
unused capital loss available to be carried back to the current tax
year.
Line 15, Net Alaska capital and section 1231 gains limited for
carryback purposes: Enter the amount of current net Alaska and
section 1231 gains (after carryovers) against which unused capital
loss carrybacks may be utilized. This is the amount from (an as-if)
Schedule J, the sum of lines 17–18, including carryover losses
utilized on line 9, but excluding any carrybacks.
Note that a capital loss carryback cannot increase or produce a
net operating loss for the taxable year to which it is being carried
back.

Line 4h, NOL carryover to be utilized: Enter the sum of line 4a
and line 4f. Enter this amount on Schedule A, line 2 in the space
provided for “carryover” of the relevant Alaska corporate income
tax return.

Line 16, Capital loss carryback to be utilized: Enter the lesser of
line 14 or line 15, and on Schedule J, line 9, in the space provided
for “carryback utilized” of the relevant Alaska corporate income tax
return.

Line 5, NOL carryback to be utilized: In column A, enter the
year-end of the tax year in which the NOL was generated, in the
format mm/dd/yyyy. In column B, enter the NOL generated in that
year. In column C, enter the amount of NOL (from the listed year)
that was previously utilized. In column D, enter the amount of NOL
available for the current tax year. An NOL carryback is allowed
for farmers and certain insurance companies. See IRC §172(b).

Line 17, Excess charitable contributions: In column A, enter the
year-end of the tax year in which excess charitable contributions
were generated, in the format mm/dd/yyyy. In column B, enter the
excess charitable contributions that were not deductible in the
preceding year. In column C, enter the charitable contributions
converted to NOL for the relevant tax year. In column D, enter the
charitable contributions previously utilized. In column E, enter the
amount of excess charitable contributions available for the current
tax year.

Line 7, Subtract line 4h (NOL carryover utilized) from line 3 (current
Alaska taxable income before NOL). This is the amount of taxable
income that was not offset by NOL carryovers, and is the amount
that may be offset by carrybacks.

0405-6385i Rev 01/23/24- page 1