Too much NOL

[Snaggletooth]

For fiscal year just ended, corporation had a huge NOL. Can only roll back 2 years nowadays, but the NOL exceeds taxable income for that year. That was the last year the corporation had any taxable income.

I would think there is unused NOL available to roll forward into next year, which is hopefully going to be profitable. Yet I don't see any mechanics on Form 1139 (or any other election) to carry the unused NOL forward.

What am I missing here???

[appelman]

I believe the rules are the same as for individuals.

See the instructions for Form 1139, in particular, for line 14. Form 1139 itself only deals with the carryback.

[JohnH]

You just attach your own workseet to future retuns to show when the NOL originated and how it was applied. If it isn't all used up next year you just keep adding lines to it.