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SEE PART 2: BUSINESSES
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Balsam Falls Corp, a calendar-year C corporation, has a $75,000 net operating loss carryover from 2023 that is allowed in full on its 2025 return. In its 2023 financial statements, Balsam recognized the tax benefit of that loss; for 2025 financial reporting, the carryover provides no additional book tax benefit. Balsam has no other book-tax differences and includes Schedule M-1 with its 2025 Form 1120.
How should the $75,000 NOL deduction be treated on Balsam Falls's 2025 Schedule M-1?
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