| • | To enable Federal NOL automation, check the box in the Data Input > Federal > Unit Details screen in the Automation section. This creates a Federal Only NOL that does not affect the state calculation. |
| • | The system allows you to enter the percent of the current federal income that should be used by reclassing a NOL deferred tax asset. If there is an annual NOL limitation (sec 382), enter the amount in the Base NOL Allowance field. The system limits the amount to be used for current federal income. |
| • | The Beginning Balance, Activity, Deferred Only, and Balance Sheet Only information can be manually entered for the NOL by selecting the Provision dataset and clicking Data Input > Federal > NOL Temp Diffs. |
| • | If NOL Automation has already been selected, the NOL_SYS code displays and the Beginning Balance, Activity, Deferred Only, and Balance Sheet Only information can be input manually. |
Note: The NOL_SYS code must exist in Administration > Manage Units > NOL Temp Differences for the Federal NOL automation to function.
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