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Indiana Code Title 6. Taxation § 6-3-1-39

Current as of January 02, 2024 | Updated by Findlaw Staff

<P.L.194-2023, Sec.9, added section retroactively, effective January 1, 2023. >

Sec. 39. (a) The term “preliminary federal net operating loss” means:

(1) in the case of a taxpayer that has a federal net operating loss for a taxable year, the taxpayer's federal net operating loss under Section 172 of the Internal Revenue Code;  and

(2) in the case of a taxpayer that does not have a federal net operating loss for a taxable year:

(A) the taxpayer's:

(i) in the case of an individual, or, except as provided in item (iii) or (iv), a corporation, federal taxable income as defined in Section 63 of the Internal Revenue Code;

(ii) in the case of an estate or trust, federal taxable income as defined in Section 641(b) of the Internal Revenue Code;

(iii) in the case of an insurance company subject to the tax imposed under Section 831 of the Internal Revenue Code, federal taxable income as defined in Section 832(b) of the Internal Revenue Code;  and

(iv) in the case of a life insurance company subject to the tax imposed under Section 801(a) of the Internal Revenue Code, federal life insurance company taxable income as defined in Section 801(b) of the Internal Revenue Code;  plus

(B) any amounts that are disallowed for the taxpayer in computing a federal net operating loss for a taxable year, excluding any amounts used in determining a separately stated net operating loss;  minus

(C) any amounts by which a federal net operating loss is increased for a taxable year, excluding any amounts used in determining a separately stated net operating loss.

For purposes of IC 6-3-2-2.5 and IC 6-3-2-2.6, a preliminary federal net operating loss described in subdivision (1) must be expressed as a negative number, and a preliminary federal net operating loss described in subdivision (2) may be expressed as a positive or negative number, subject to the determination under subdivision (2).

(b) The term does not include a separately stated net operating loss, or any amounts used in determining a separately stated net operating loss.

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Cite this article: FindLaw.com - Indiana Code Title 6. Taxation § 6-3-1-39 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-6-taxation/in-code-sect-6-3-1-39/

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