Date: | 01/22/1991 |
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Referenced Sources: | Massachusetts General Laws |
Corporate
This Technical Information Release (TIR) explains the order in which corporations that are entitled to both the Massachusetts net operating loss (NOL) carry over deduction and the Massachusetts dividends received deduction must claim the two deductions in determining Massachusetts taxable net income. The TIR applies to both the general NOL deduction allowed by the first paragraph of General Laws Chapter 63, Section 30.5(b)(ii) and the new corporation NOL deduction allowed by the second paragraph of Section 30.5(b)(ii). The NOL deduction and the dividends received deduction apply only to the corporate excise imposed by Chapter 63 of the General Laws.