Rule 42.23.411 - LOSSES NOT COMPENSATED FOR(1) A capital loss, which may be subject to carryover provisions for federal purposes, must be deducted in the year incurred and not carried over for state purposes. A loss must have been sustained within the year in the sense that the full measure of the loss was ascertained within the year. The determination of the year in which a loss is sustained must be made on the basis of the facts as they exist at the close of the reporting period.(2) No deduction is allowed for a loss which is not bona fide, for anticipated or contingent losses, or for any additions to reserves for such losses.Mont. Admin. r. 42.23.411
Eff. 12/31/72; AMD, 1992 MAR p. 1764, Eff. 8/14/92; AMD, 2001 MAR p. 2046, Eff. 10/12/01.Sec. 15-31-501, MCA; IMP, Sec. 15-31-114, MCA;