Publication 536: Net Operating Losses (NOLs) for Individuals, Estates, and Trusts;

This is archived information that pertains only to the 2004 Tax Year. If you
are looking for information for the current tax year, go to the Tax Prep Help Area.

Form 1045 (2004) Page 2. Summary: This is an example of Form 1045 (2004), page 2 with items included as described in the text. Additionally, these line items are completed:Schedule A--NOL. See page 5 of the instructions.

“1. Adjusted gross income from your 2002 Form 1040, line 36. Estates and trusts, skip lines 1 and 2” field contains negative 2,350

“2a. Deductions: Enter the amount from your 2002 Form 1040, line 38” field contains 4,700

“2b. Deductions: Enter your deduction for exemptions from your 2002 Form 1040, line 40” field contains 3,000

“2c. Add lines 2a and 2b” field contains 7,700

“3. Subtract line 2c from line 1. Estates and trusts, enter taxable income increased by the sum of the charitable deduction and income distribution deduction” field contains negative 10,050

“4. Deduction for exemptions from line 2b above. Estates and trusts, enter the exemption amount from tax return” field contains 3,000

“5. Total nonbusiness capital losses before limitation. Enter as a positive number” field contains 1,000

“7. If line 5 is more than line 6, enter the difference; otherwise, enter 0” field contains 1,000

“8. If line 6 is more than line 5, enter the difference, otherwise, enter 0” field contains 0

“9. Nonbusiness deductions. See page 5 of the instructions” field contains 4,700

“10. Nonbusiness income other than capital gains. See page 5 of the instructions” field contains 425

“11. Add lines 8 and 10” field contains 425

“12. If line 9 is more than line 11, enter the difference; otherwise, enter 0” field contains 4,275

“13. If line 11 is more than line 9, enter the difference; otherwise, enter 0. But do not enter more than line 8” field contains 0

“15. Total business capital gains (without regard to any section 1202 exclusion)” field contains 2,000

“16. Add lines 13 and 15” field contains 2,000

“17. Subtract line 16 from line 14. If zero or less, enter 0” field contains 0

“18. Add lines 7 and 17” field contains 1,000

“23. If line 21 is more than line 22, enter the difference; otherwise, enter 0” field contains 0

“25. Subtract line 23 from line 18. If zero or less, enter 0” field contains 1,000

“26. NOL. deduction for losses from other years. Enter as a positive number” field contains 0