This amount takes into account losses deferred from a prior year.
Completing this question
Step 1 |
If you have net income from primary production business this year at B, take away the amount of your deferred non-commercial primary production business losses from a prior year shown at D. Write this amount at Y Net income or loss from business item P8 on page 3 of your schedule. If the amount at Y is negative, print L in the box at the right of the amount. If you have a loss from primary production business this year at B, add it to the amount of your deferred non-commercial primary production business losses from a prior year shown at D. Write the amount at Y Net income or loss from business item P8 on your schedule and print L in the box at the right of the amount. Note: If you have printed L in the box at the right of the amount at Y, you also need to complete items P3 and P9 on your schedule. |
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Step 2 |
If you have net income from non-primary production business this year at C, take away the amount of your deferred non-commercial non-primary production business losses from a prior year shown at E. Write this amount at Z Net income or loss from business item P8 on page 3 of your schedule. If the amount at Z is negative, print L in the box at the right of the amount. If you have a loss from non-primary production business this year at C, add it to the amount of your deferred non-commercial non-primary production business losses from a prior year shown at E. Write the amount at Z Net income or loss from business item P8 on your schedule and print L in the box at the right of the amount. Note: If you have printed L in the box at the right of the amount at Z, you also need to complete items P3 and P9 on your schedule. |
Step 3 |
Add up the amounts shown at Y and Z. Write the answer at Net income or loss from business in the Totals column. Where the total is a negative amount, print L in the box at the right of the amount. |
Step 4 |
Transfer the amounts at Y and Z on your schedule to B and C (respectively) item 14 on your tax return (supplementary section). |