# KRS § 141.011: 141.011 Casualty losses -- Net operating losses > Kentucky · Statutes · In force URL: https://www.frixlaw.com/law-library/statutes/STATE_KY_TXI_C141_S141.011 ## Section - **Citation:** KRS § 141.011 - **Heading:** 141.011 Casualty losses -- Net operating losses - **Jurisdiction:** Kentucky - **Kind:** Statutes - **Status:** In force - **Text as of:** August 14, 2026 - **Source:** Compiled text - **Location:** KY Code / Title XI / Chapter 141 / Section 141.011 ## Text 141.011 Casualty losses -- Net operating losses. (1) Notwithstanding any other provision of this chapter, the net operating loss carryback-carryforward deduction, including casualty loss, allowed under Section 172 of the Internal Revenue Code shall apply only to such losses incurred in taxable years beginning after December 31, 1979, and no such loss shall be carried back to taxable years beginning before January 1, 1980. Any casualty loss carryforward authorized by this section as it existed before January 1, 1980, may be carried forward as an itemized deduction until it has been fully deducted. (2) The net operating loss carryback deduction shall not be allowed for losses incurred for taxable years beginning on or after January 1, 2005. (3) For taxable years when the tax due under KRS 141.040 is based on the alternative minimum calculation provided in KRS 141.040, any net operating loss carryforward deduction that is utilized for the taxable year shall be the amount of taxable net income before the net operating loss deduction, that exceeds the taxable net income equivalent. For purposes of this subsection, "taxable net income equivalent" means the amount of taxable net income that would generate an income tax equal to the alternative minimum calculation liability computed under KRS 141.040. (4) For taxable years beginning on or after January 1, 2005, and before December 31, 2006, the net operating loss carryforward deduction of a corporation shall be reduced by the amount of distributive share income, loss, and deduction distributed to an individual or general partnership as defined in KRS 141.206. (5) For taxable years beginning on or after January 1, 2005, but prior to January 1, 2019, the portion of a net operating loss that is not used to offset the income of an affiliate according to the limits in KRS 141.200(11) shall be available for carryforward, subject to the limitations contained in this section. ## Nearby sections - [KRS § 141.010 141.010 Definitions for chapter for taxable years beginning on or after January 1, 2018](https://www.frixlaw.com/law-library/statutes/STATE_KY_TXI_C141_S141.010.md) - [KRS § 141.011 141.011 Casualty losses -- Net operating losses](https://www.frixlaw.com/law-library/statutes/STATE_KY_TXI_C141_S141.011.md) - [KRS § 141.014 141.014 Disposition of receipts under chapter](https://www.frixlaw.com/law-library/statutes/STATE_KY_TXI_C141_S141.014.md) - [KRS § 141.016 141.016 Reporting federal adjusted gross income attributed to husband and wife -- Allocation of income and business deductions between husband and wife](https://www.frixlaw.com/law-library/statutes/STATE_KY_TXI_C141_S141.016.md) - [KRS § 141.017 141.017 Deductions allowed by this chapter limited to amounts directly or indirectly subject to taxation under this chapter -- No item to be deducted more than once](https://www.frixlaw.com/law-library/statutes/STATE_KY_TXI_C141_S141.017.md) - [KRS § 141.018 141.018 Department's authority to interpret and carry out provisions of certain income tax changes made by the 2005 Regular Session and 2006 First Extraordinary Session of the General Assembly -- Authority to promulgate administrative regulations to explain or implement changes](https://www.frixlaw.com/law-library/statutes/STATE_KY_TXI_C141_S141.018.md) - [KRS § 141.019 141.019 Calculation of adjusted gross income and net income for taxpayers other than corporations](https://www.frixlaw.com/law-library/statutes/STATE_KY_TXI_C141_S141.019.md) - [KRS § 141.020 141.020 Levy of income tax on individuals -- Rate of normal tax -- Reduction -- Tax credits -- Income of nonresidents subject to tax -- Election to pay tax imposed by KRS 141.023](https://www.frixlaw.com/law-library/statutes/STATE_KY_TXI_C141_S141.020.md) - [KRS § 141.021 141.021 Federal and local government annuities excluded from gross income -- Taxability after December 31, 1997](https://www.frixlaw.com/law-library/statutes/STATE_KY_TXI_C141_S141.021.md) - [KRS § 141.023 141.023 Optional tax tables](https://www.frixlaw.com/law-library/statutes/STATE_KY_TXI_C141_S141.023.md) - [KRS § 141.030 141.030 Levy of income tax on estates, trusts and fiduciaries -- Liability of fiduciaries](https://www.frixlaw.com/law-library/statutes/STATE_KY_TXI_C141_S141.030.md) - [KRS § 141.039 141.039 Calculation of gross income and net income for corporations](https://www.frixlaw.com/law-library/statutes/STATE_KY_TXI_C141_S141.039.md) - [KRS § 141.040 141.040 Corporation income tax -- Exemptions -- Rate](https://www.frixlaw.com/law-library/statutes/STATE_KY_TXI_C141_S141.040.md) - [KRS § 141.041 141.041 Tax credit for corporations for installing, modifying or utilizing coal for manufacturing or heating](https://www.frixlaw.com/law-library/statutes/STATE_KY_TXI_C141_S141.041.md) --- Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_KY_TXI_C141_S141.011. 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