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Net operating loss (NOL) information: 1065 New York City (NYC)
Information entered in the UltraTax CS/1065 federal module will transfer to Form NYC-NOLD-UBTP and the NYC Net Operating Losses Worksheet to calculate an NOL for NYC purposes. If information is transferred from the federal, it will only transfer to the forms and not to input screens. Use the NYCNOL screen, in the NY City folder, to enter any additional information, or information that is different from the federal. All amounts entered in the NYCNOL screen should be entered as positives, and all percentages must be entered with proper decimal places.
To elect to relinquish a NYC NOL carryback, select code
2
from the Election - NYC
dropdown on screen NYLetter, in the General
folder. Each year an NOL occurred, UltraTax CS will print a separate NYC NOL worksheet and Form NYC-NOLD-UBTP. Therefore, each NOL loss year will print on a different form. All forms and worksheets only apply to prior year NOLs. A current year net operating loss is not shown on any current year worksheets or forms. Instead, this loss amount will continue forward and display on next year's forms as a prior-year NOL carryover.
note
If the total loss percentage is not greater than 80% for the partners percentage of interest for the loss year, then no NOL carryover can be taken for that loss.