Match each of the following terms with the appropriate description in the state income tax formula. Apply the
UDITPA rules in your responses.
-State-level NOL.

Question

Quizplus · Accepted Answer

State-level NOL (Net Operating Loss) is typically treated as a subtraction modification in the state income tax formula under UDITPA rules, allowing businesses to reduce their taxable income by the amount of the loss carried forward from previous years.

Match Each of the Following Terms with the Appropriate Description