I have a question regarding NYS form CT-3.3 Schedule C, line 5. I have elected the 10 year carryover losses.
My tax program deducts the amount of line 4 from the amount on line 3. But the instructions also say to reduce this amount by the amount of any unused PNOLC subtraction that cannot be carried forward due to limitations. In 2016 the Corp. had income but the carryover loss was greater than the income for that year. Do I further reduce from line 5 the amount of line 1 less this year (2016) income?
Any advise will be greatly appreciated.
Thank you.
Joseph Schnitzer
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Joseph Schnitzer
CPA
JOSEPH SCHNITZER, CPA PC
Woodmere NY
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