This amount takes into account losses deferred from a prior year.
Completing this item
Step 1, If you have net income from primary production business this year at B, subtract from it the amount of your deferred non-commercial primary production business losses from a prior year shown at D. Write the answer 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 total 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.
Step 2, If you have net income from non-primary production business this year at C, subtract from it the amount of your deferred non-commercial non-primary production business losses from a prior year shown at E. Write the answer 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 total 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. If the total is negative, 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).