Section 100.2310  Computation of the Illinois Net Loss Deduction for Losses Occurring On or After December 31, 1986 (IITA 207)

a)         The amount of the Illinois net loss deduction allowed by IITA Section 207 for any taxable year is the aggregate of the Illinois net loss carryovers and Illinois net loss carrybacks to such taxable year. The steps to be taken in determining the amount of the deduction are as follows:

1)         Compute the Illinois net loss in accordance with Section 100.2320 for any preceding or succeeding taxable year from which a net loss may be carried.

2)         Compute the Illinois net loss carryovers and carrybacks from such preceding or succeeding taxable years in accordance with Section 100.2330.

3)         Add the Illinois net loss carryovers and carrybacks.

b)         Every taxpayer claiming an Illinois net loss deduction for any taxable year shall file, in accordance with the tax return instructions for such year, a concise statement in such form as the Department shall require setting forth the amount of the net loss deduction claimed and all material and pertinent facts required by the instructions.  The Illinois net loss for any taxable year shall be determined under the law applicable to that year.

(Source:  Added at 11 Ill. Reg. 17782, effective October 16, 1987)