The document is a Nebraska Net Operating Loss Worksheet used to compute losses incurred during tax years 1988 and after that can be carried back or forward. It contains instructions for nonresidents and partial-year residents to calculate the portion of the net operating loss derived from Nebraska sources. The worksheet has lines to adjust federal adjusted gross income, calculate Nebraska deductions, and determine various capital gains and losses to arrive at the Nebraska net operating loss amount.
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Form 1118 (Rev. December 2020)Department of the Treasury ShainaBoling829
Form 1118
(Rev. December 2020)
Department of the Treasury
Internal Revenue Service
Foreign Tax Credit—Corporations
▶ Attach to the corporation’s tax return.
▶ Go to www.irs.gov/Form1118 for instructions and the latest information.
For calendar year 20 , or other tax year beginning , 20 , and ending , 20
OMB No. 1545-0123
Attachment
Sequence No. 118
Name of corporation Employer identification number
Use a separate Form 1118 for each applicable category of income (see instructions).
a Separate Category (Enter code—see instructions.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ▶
b If code 901j is entered on line a, enter the country code for the sanctioned country (see instructions) . . . . . . . . . . . . . . ▶
c If one of the RBT codes is entered on line a, enter the country code for the treaty country (see instructions) . . . . . . . . . . . . ▶
Schedule A Income or (Loss) Before Adjustments (Report all amounts in U.S. dollars. See Specific Instructions.)
1. EIN or Reference ID
Number
(see instructions)*
2. Foreign Country or
U.S. Possession
(enter two-letter code—use
a separate line for each)
(see instructions)
Gross Income or (Loss) From Sources Outside the United States
3. Inclusions Under Sections 951(a)(1) and 951A
(see instructions)
4. Dividends
(see instructions) 5. Interest
(a) Exclude Gross-Up (b) Gross-Up (section 78) (a) Exclude Gross-Up (b) Gross-Up (section 78)
A
B
C
Totals (add lines A through C) . . . . . . . ▶
6. Gross Rents, Royalties,
and License Fees
7. Sales
8. Gross Income From
Performance of Services
9. Section 986(c) Gain 10. Section 987 Gain 11. Section 988 Gain
12. Other
(attach schedule)
A
B
C
Totals
13. Total
(add columns 3(a)
through 12)
14. Allocable Deductions
(a) Dividends
Received Deduction
(see instructions)
(b) Deduction Allowed Under
Section 250(a)(1)(A)—Foreign
Derived Intangible Income
(c) Deduction Allowed Under
Section 250(a)(1)(B)—Global
Intangible Low-Taxed Income
Rental, Royalty, and Licensing Expenses
(d) Depreciation, Depletion,
and Amortization
(e) Other Allocable
Expenses
(f) Expenses Allocable
to Sales Income
A
B
C
Totals
14. Allocable Deductions (continued)
(g) Expenses Allocable
to Gross Income From
Performance of Services
(h) Other Allocable
Deductions (attach schedule)
(see instructions)
(i) Total Allocable Deductions
(add columns 14(a)
through 14(h))
15. Apportioned
Share of Deductions
(enter amount from
applicable line of Schedule H,
Part II, column (d))
16. Net Operating
Loss Deduction
17. Total Deductions
(add columns 14(i)
through 16)
18. Total Income or (Loss)
Before Adjustments
(subtract column 17
from column 13)
A
B
C
Totals
* For section 863(b) income, NOLs, income from RICs, high-taxed income, section 965, section 951A, and reattribution of income by reason of disregarded payments, use a s ...
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
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www.seribangash.com
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https://seribangash.com/article-of-association-is-legal-doc-of-company/
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Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
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Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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Set off and carry forward of losses and assessment of individuals.pptx
revenue.ne.gov tax current f_nol
1. Nebraska Net Operating Loss Worksheet FORM
NOL
to Compute Loss Incurred During Tax Years 1988 and After
• Attach Federal Form 1040X or 1045 and Schedule A (Form 1045)
Taxable year of Net Operating Loss beginning _____________, _____ and ending ____________, _____ Worksheet
Name(s) as Shown on Form 1040N Your Social Security Number Spouse’s Number
1 Federal adjusted gross income (AGI) (line 5, Form 1040N) .................................................................................. 1
2 Adjustments increasing federal AGI (see instructions) ............................................... 2
3 Adjustments decreasing federal AGI (see instructions).............................................. 3
4 Federal AGI after Nebraska adjustments (line 1 plus line 2, minus line 3) ............................................................ 4
5 a Nebraska exemption deduction (line 6, Form 1040N) (1988-1992 only) ............... 5a
b Nebraska standard deduction or Nebraska itemized deductions ........................... 5b
Total Nebraska deductions (total of lines 5a and 5b) ............................................................................................ 5
6 Line 4 minus line 5 (Note: If line 6 is zero or greater, do not complete the rest of this worksheet. You do
not have a Nebraska net operating loss.) .............................................................................................................. 6
ADJUSTMENTS
7 Nebraska exemption deduction from line 5a above (1988-1992 only) .................................................................. 7
8 Nonbusiness capital losses before limitation (see Schedule A,
Federal Form 1045). Enter as a positive number ..................................................... 8
9 Nonbusiness capital gains (see Schedule A, Federal Form 1045)............................ 9
10 If the amount on line 8 is more than the amount on line 9, enter difference;
otherwise, enter -0- ................................................................................................... 10
11 If the amount on line 9 is more than the amount on line 8, enter difference;
otherwise, enter -0- ................................................................................................... 11
12 Nonbusiness deductions (see instructions) ............................................................... 12
13 Nonbusiness income other than capital gains (see Schedule A,
Federal Form 1045) ................................................................................................. 13
14 Total of lines 11 and 13 ............................................................................................. 14
15 If the amount on line 12 is more than the amount on line 14, enter difference; otherwise, enter -0- .................... 15
16 If the amount on line 14 is more than the amount on line 12, enter difference;
otherwise, enter -0-. Do not enter more than line 11 ................................................. 16
17 Total business capital losses before limitation (see Schedule A,
Federal Form 1045). Enter as a positive number ...................................................... 17
18 Total business capital gains (see Schedule A, Federal Form 1045) .......................... 18
19 Total of lines 16 and 18 ............................................................................................. 19
20 If the amount on line 17 is more than the amount on line 19, enter difference;
otherwise, enter -0- ................................................................................................... 20
• See special instructions for tax years 1988 through 1996 on back of form
21 Add lines 10 and 20................................................................................................... 21
22 Enter the loss, if any, from line 16 of Schedule D, Federal Form 1040. (Estates
and trusts, enter the loss, if any, from line 15, column (3), of Schedule D,
Federal Form 1041). Enter as a positive number. If you do not have a loss on
that line (and do not have a section 1202 exclusion), skip lines 22 through 26
and enter on line 27 the amount from line 21 ............................................................ 22
23 Section 1202 exclusion. Enter as a positive number .................................................. 23
24 Subtract line 23 from line 22. If zero or less enter -0- ................................................. 24
25 Enter the loss from line 21 of Schedule D, Form 1040. (Estates and trusts, enter
the loss from line 16 of Schedule D, Form 1041). Enter as a positive number .......... 25
26 Subtract line 25 from line 24....................................................................................... 26
27 Subtract line 26 from line 21.................................................................................................................................. 27
28 Net operating loss deduction for losses from other years. Enter as a positive number ......................................... 28
29 Add lines 7, 15, 27, and 28.................................................................................................................................... 29
30 Nebraska net operating loss (combine lines 6 and 29). Note: If the combined amount is zero or greater,
30
you do not have a Nebraska net operating loss ....................................................................................................
ATTACH THIS WORKSHEET TO YOUR AMENDED NEBRASKA INDIVIDUAL INCOME TAX RETURN
NONRESIDENTS AND PARTIAL-YEAR RESIDENTS — COMPLETE SCHEDULE I ON REVERSE SIDE
8-451-1988 Rev. 1-2009 Supersedes 8-451-1988 Rev. 1-2008
2. NEBRASKA SCHEDULE I — Nebraska NOL Computation for Nonresidents or Partial-Year Residents
31 Income derived from Nebraska sources. Include Nebraska income from wages, interest and
dividends, business, farming, partnerships, limited liability companies, S corporations, estates and
trusts, gain or loss, rents and royalties, any bonus depreciation add-back, and enhanced
Sec. 179 add-back for tax years before 2006 and any other Nebraska source income ...................... 31
32 Adjustments as applied to Nebraska income, if any ........................................................................... 32
33 Nebraska income after adjustments (line 31 plus or minus line 32).................................................... 33
34 Enter the amount from line 30 on reverse side ................................................................................... 34
35 Enter the smaller loss of line 33 or 34. This is your Nebraska net operating loss. Note: If line 35 is
zero or greater, you do not have a Nebraska net operating loss ......................................................... 35
INSTRUCTIONS
Use this worksheet to compute your Nebraska net operating loss for tax number. If you do not have a loss on that line, skip lines 22 through 26
years 1988 and after that is available for carryback or carryover. This and enter on line 27 the amount from line 21.
worksheet must be attached to the Amended Nebraska Individual Income LINE 25. Enter the loss from line 18 of Schedule D, Form 1040. (Estates
Tax Return on which an individual claims a carryback of a net operating and trusts, enter the loss from line 18 of Schedule D, Form 1041). Enter
loss incurred during tax years 1988 and after. It must also be attached to as a positive number.
the Nebraska income tax return on which a deduction is claimed for a
SPECIAL INSTRUCTIONS
carryforward of a net operating loss. To compute a loss incurred during
FOR TAX YEAR 1992
tax year 1987, the 1987 Nebraska Net Operating Loss Worksheet, Form
LINE 22. Enter the loss, if any, from line 19 of Schedule D, Federal Form
NOL, must be used. For tax years 1988 and 1989, special instructions
1040. (Estates and trusts, enter the loss, if any, from line 17, column (c),
are provided for lines 21 through 27. For tax years 1991 through 1996,
of Schedule D, Federal Form 1041). Enter as a positive number. If you do
special instructions are provided for lines 22 and 25.
not have a loss on that line, skip lines 22 through 26 and enter on line 27
A copy of this worksheet must be attached to the amended return or the the amount from line 21.
original return where a net operating loss carryback or carryforward is
LINE 25. Enter the loss from line 20 of Schedule D, Federal Form 1040.
reported.
(Estates and trusts, enter the loss from line 18 of Schedule D, Federal
For more information, see IRS Regulation 1.172-3 and IRS Publication Form 1041). Enter as a positive number.
536, Net Operating Losses and the Nebraska Individual Net Operating
SPECIAL INSTRUCTIONS FOR
Losses Information Guide.
TAX YEARS 1993 THROUGH 1996
SPECIFIC INSTRUCTIONS LINE 22. Enter the loss, if any, from line 18 of Schedule D, Federal Form
LINES 2 AND 3. Entries made on lines 2 or 3 which increase 1040. (Estates and trusts, enter the loss, if any, from line 17, column (c),
or decrease federal adjusted gross income (AGI) may necessitate of Schedule D, Federal Form 1041). Enter as a positive number. If you do
corresponding adjustments in subsequent lines. not have a loss on that line, skip lines 22 through 26 and enter on line 27
ExamPLE: If an entry is made on line 3 to decrease federal AGI by the amount from line 21.
the amount of interest received on U.S. government obligations, line 13 LINE 25. Enter the loss from line 19 of Schedule D, Federal Form 1040.
must also be reduced by the same amount. (Estates and trusts, enter the loss from line 18 of Schedule D, Federal
LINE 5a. Enter the Nebraska exemption deduction for tax years 1988 Form 1041). Enter as a positive number.
through 1992. Beginning in 1993, this deduction was replaced with a SCHEDULE I INSTRUCTIONS
credit amount. For tax year 1993 and subsequent years, enter zero on Nonresident individuals or partial-year resident individuals
line 5a. will be allowed to claim a net operating loss which does not exceed the
LINE 5b. If you claimed the Nebraska standard deduction, enter the portion of the net operating loss computed on this worksheet which was
Nebraska standard deduction amount from Form 1040N. If you claimed derived from or connected with Nebraska sources.
Nebraska itemized deductions, enter the allowed Nebraska itemized LINE 31. Enter income derived from Nebraska sources from Schedule
deductions amount from Form 1040N. III, Form 1040N, for the loss year. Include Nebraska income from wages,
LINE 12. If you itemized deductions on your federal return, enter the interest and dividends, business, farming, partnerships, limited liability
nonbusiness deductions (from Schedule A, Federal Form 1045), minus companies, S corporations, estates and trusts, gain or loss, rents and
state and local income taxes claimed as a deduction. If the result is royalties, any bonus depreciation and enhanced Section 179 add-back for
less than the amount of the Nebraska standard deduction to which you tax years before 2006.
would have been entitled, enter the Nebraska standard deduction to LINE 32. Enter adjustments as applied to Nebraska income from
which you would have been entitled, based on your federal filing status. Schedule III, Form 1040N.
If you did not itemize deductions on your federal return, enter the LINE 35. Enter this amount on the appropriate lines of the Nebraska
Nebraska standard deduction from Form 1040N. Schedule III – Computation of Nebraska Tax. If you are using
Form 1040XN-2, enter this amount on line 53, Column B, of the Nebraska
SPECIAL INSTRUCTIONS
Schedule III. If using Form 1040XN-3, enter this amount on line 56, Column
FOR TAX YEARS 1988 AND 1989
B, of the Nebraska Schedule III. If using Form 1040XN-4, enter this amount
LINE 21. Enter the total of lines 10 and 20, but do not enter more than
on line 50, Column B, of Nebraska Schedule III. If using Form 1040XN-5
your capital loss limitation.
enter this amount on line 53, Column B, of Nebraska Schedule III. If
LINES 22-26. Skip these lines; go to line 27.
using Form 1040XN 2001, enter this amount on line 57, Column B of
LINE 27. Enter the amount from line 21 on line 27.
Nebraska Schedule III. For Form 1040XN 2002, enter this amount on
SPECIAL INSTRUCTIONS line 59, Column B, Nebraska Schedule III. For Form 1040XN 2003 and
FOR TAX YEAR 1991 2004, enter this amount on line 58, Column B, Nebraska Schedule III. For
LINE 22. Enter the loss, if any, from line 17 of Schedule D, Federal Form 1040XN 2005, enter this amount on line 59, Nebraska Schedule III.
Form 1040. (Estates and trusts, enter the loss, if any, from line 17, For Form 1040XN's 2006, 2007, and 2008, enter this amount on line 62,
column (c), of Schedule D, Federal Form 1041). Enter as a positive Nebraska Schedule III.