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Changes to 2007 Form

Updates to 2007 FTB 3805V – Net Operating Loss (NOL) Computation and NOL and Disaster Loss Limitations – Individuals, Estates, and Trusts

The revised Internet version is available for download as of 05/08/2008.

Revision Details: The Column (b) change corrects the misspelling of disaster.
The Column (h) change corrects the amount the disaster loss carryover must be reduced by.

  • This update is located on FTB 3805V, page 3 of the instructions, column 2 instructions, column (b), column (h), and page 573 of the Package X.

Previously read:

Column (b) – If the loss is due to a disaster, enter...
Column (h) – Subtract the amount in column (f) from the amount in column (e) and enter the result. Any remaining 2002 disaster loss carryover to 2008 must be reduced by 45%.

Revised to:

Column (b) – If the loss is due to a disaster, enter...
Column (h) – Subtract the amount in column (f) from the amount in column (e) and enter the result. Any remaining 2002 disaster loss carryover to 2008 must be reduced by 40%.

There is no tax impact for the revision for Column (b).
The Column (h) change would increase the taxpayer's available carryover amount after the carryover percentage limitation is applied.


Updates to 2007 Form 3805V Net Operating Loss (NOL) Computation and NOL and Disaster Loss Limitations – Individuals, Estates, and Trusts

The revised Internet version is available for download as of 01/23/2008.

Revision Details: The double asterisks should have been removed this year, since this is the last year the taxpayer could claim a disaster loss carryover for this designated disaster.

  • This update is located on Form 3805V Instructions, Page 2, Column 2, Designated Disaster, Code 6. Also on Page 572 of the Package X.

Previously read:

1991 6 Oakland/Berkeley fire and other related casualties (expired)**

Revised to:

1991 6 Oakland/Berkeley fire and other related casualties (expired)

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