Nebraska Administrative Code
Topic - REVENUE, DEPARTMENT OF
Title 316 - NEBRASKA DEPARTMENT OF REVENUE
Chapter 24 - CORPORATION INCOME TAX
Section 316-24-245 - CORPORATE TAXPAYER; CAPITAL LOSSES; COMPUTATION; LIMITATIONS
Universal Citation: 316 NE Admin Rules and Regs ch 24 ยง 245
Current through March 20, 2024
245.01 Calculating a Nebraska Capital Loss. For a corporate taxpayer, a Nebraska capital loss is computed on the basis of this regulation.
245.01A For a corporate taxpayer that is not
subject to apportionment the Nebraska capital loss is the amount of federal
capital loss.
245.01B A corporate
taxpayer who is required to apportion its income to Nebraska must compute its
Nebraska capital loss as follows:
245.01B(1)
The federal capital loss is multiplied by the apportionment factor of the
corporate taxpayer for the year of the capital loss; and
245.01B(2) If the capital loss is reported on
corporate stock or other assets, the income from which was not previously
treated as apportionable to Nebraska or taxable to Nebraska, the loss cannot be
included in the federal capital loss computed in
Reg-24-245.01B(1)(1).
245.02 Limitations on Using a Nebraska Capital Loss Carryover.
245.02A For
any Nebraska capital loss incurred in tax years beginning on or after January
1, 1987, the Nebraska capital loss may be carried forward and applied against
any Nebraska capital gain for each of the five tax years following the year of
the capital loss.
245.02B A
corporate taxpayer who is required to apportion its income to Nebraska may only
apply the Nebraska capital loss carryover against a Nebraska capital
gain.
245.02C A Nebraska capital
gain is the federal capital gain multiplied by the apportionment factor of the
corporate taxpayer for the year of the capital gab.
245.02D If the capital gain is reported on
corporate stock or other assets, the income from which was not treated as
apportionable to Nebraska or taxable to Nebraska, the gain cannot be included
in the federal capital gain computed in Reg-245.02C.
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