I never dealt with bigger farmers before and am unfamiliar with Schedule J. I think I do understand the concept of Schedule J by itself. What I am unsure of is how a NOL interacts with Schedule J. Instructions say that Sch. J does not affect other calculations but I don't think I understand this correctly.
f.e. Sch J was used in 2005 to reduce income for that year to $50,000. I want to carry a NOL to 2005 of $20,000. Is it correct that I have to do a new Sch. J along with all other NOL calculation when I amend 2005?
f.e. Sch J was used in 2005 to reduce income for that year to $50,000. I want to carry a NOL to 2005 of $20,000. Is it correct that I have to do a new Sch. J along with all other NOL calculation when I amend 2005?