Okla. Admin. Code § 710:50-15-53 - Oklahoma net operating loss for individual returns
(a) Oklahoma net operating losses shall be
separately determined by reference to Section 172 of the Internal Revenue Code
and will be calculated utilizing Oklahoma Form 511-NOL Schedule A for resident
individuals and Form 511-NR-NOL Schedule A for nonresident and part-year
individuals.
(b) An election may be
made to forego the Net Operating Loss (NOL) carryback period. In order to waive
the carryback period, a written statement of the election must be part of the
timely filed Oklahoma loss year return.
(c) The years to which such losses may be
carried shall be determined by reference to Section 172 of the Internal Revenue
Code, as follows:
(1) For net operating losses
incurred for tax years beginning on or after January 1, 2001, and ending on or
before December 31, 2007, the loss carryback shall be for a period as allowed
in the Internal Revenue Code; and
(2) For net operating losses incurred for tax
years beginning after December 31, 2007, and ending on or before December 31,
2008, the loss carryback period shall be for a period of two (2) years;
and
(3) For tax years beginning
after December 31, 2008, the loss carryback period shall be for a period as
allowed by Section 172 of the Internal Revenue Code.
(d) Resident individuals will use Oklahoma
Form 511-NOL Schedule B to compute the amount of the loss absorbed in each
intervening year. Nonresident and part-year resident individuals will use
Oklahoma Form 511-NR-NOL Schedule B to compute the amount of loss absorbed in
each intervening year.
(e)
Taxpayers who incur a net operating loss from farming, allowed under IRC 172
(b)(G), in tax years beginning after December 31, 1999, will be allowed to
carry that loss back, in accordance with the carryback provisions of the
Internal Revenue Code. However, the amount of the farm net operating loss
available for carryback is limited to the lesser of Sixty Thousand Dollars
($60,000) or the loss shown on Federal Schedule F of the Internal Revenue
Service Form 1040, reduced by fifty percent (50%) of the income from all other
sources, except those included on Federal Schedule F.
Notes
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