§ 6-3-1-40 — "Separately stated net operating loss"

(a) The term "separately stated net operating
loss" means a federal net operating loss, or a portion of a federal net
operating loss, determined according to the Internal Revenue Code that
is:
(1) computed as an allowable federal net operating loss with
regard to a taxable year; and
(2) required to be carried forward or carried back under the
Internal Revenue Code;
regardless of whether the taxpayer had federal taxable income for the
year of the loss.
(b) A separately stated net operating loss for a taxable year includes:
(1) an excess business loss for the taxable year under Section
461(l) of the Internal Revenue Code;
(2) a federal net operating loss for a trade or business that is not
allowable in the taxable year in which the loss was incurred as a
result of the application of Section 512(a)(6)(C) of the Internal
Revenue Code, with the federal net operating loss determined
separately for each trade or business; and
(3) a federal net operating loss that is not affected by excess
inclusion income under Section 860E of the Internal Revenue
Code.
(c) For purposes of IC 6-3-2-2.5 and IC 6-3-2-2.6, a separately
stated net operating loss must be expressed as a negative number.

Legislative History

As added by P.L.194-2023, SEC.10.