FORM 1041 HELP PLEASE

[TAXMAN]

Have form 1041.(NOT FINAL) Income of int and dividends total 900. State tax paid from previous year 10k, attorney fee 1500. bond fee 3600 exemption 600 giving me taxable income -14800. This will not be the final 1041. Question is do I have a NOL. I am having a hard time on this one simple as it may be.

[Sara EA]

No.  An estate can have an NOL only if it is conducting a business and has business deductions in excess of business income.  Your estate's expenses in excess of income will carry over until the final year of the estate, then pass through to the beneficiaries not as an NOL but as excess deductions on termination (which are now an above the line deduction instead of the old itemized deduction subject to 2%.)

[TAXMAN]

Thank you. I thought so but my old mine did not want to comprehend this.