Section 03 - Field Descriptions

Section 03 Fields are located in Form 990-T.

All Fields for Section 03 are dollars only and can be positive or negative except Field 0331, Net Operating Loss Deduction. Input this Field as a positive value.

Listed below are the Fields contained in Section 03 showing the Field Designator, title, location on the return, and maximum length:

No.

Field

Title

Location

Max Length

03A1C

Gross Receipts Less Returns

Sch A, Part I, Line 1C, Col (A)

11

03A2

Cost of Goods Sold

Sch A, Part I, Line 2, Col (A)

11

03C9

Investment Income

Sch A, Part I, Line 9, Col (C)

11

0312

Dispose of any Investments

Sch A, Part I, Line 12, dotted portion of line

15

03A13

Total Unrelated Trade Income

Sch A, Part I, Line 13, Col (A)

13

03B13

Total Unrelated Trade Expenses

Sch A, Part I, Line 13, Col (B)

11

03C13

Total Unrelated Trade Net

Sch A, Part I, Line 13, Col (C)

13

Total Unrelated Trade Net Underprint

Computer-generated Underprint

13

0329

Total Deductions

Sch A, Part II, Line 15

11

0331

Net Operating Loss Deduction

Sch A, Part II, Line 17

11

03L1

Taxable Income Computed From all Unrelated Trades or Businesses

Part I, Line 1

15

03L2

Amount of Disallowed Fringes

Part I, Line 2

15

03L4

Charitable Contributions

Part I, Line 4

15

03L5

Total of Unrelated Tax pre NOLS

Part I, Line 5

15

03L6

Deduction for Net Operating Loss

Part I, Line 6

15

03L7

Taxable Income Before Specific Deduction

Part I, Line 7

15

03L8

Specific Deduction (ERS input only)

Part I, Line 8

11

Specific Deduction Underprint

Computer-generated Underprint

11

03L9

Section 199A Deduction

Part I, Line 9

15

03L10

Total Deductions 2020 and Subsequent

Part I, Line 10

15

03L11

Unrelated Business Taxable Income

Part I, Line 11

13

Unrelated Business Taxable Income Underprint

Computer-generated Underprint

13

Invalid Conditions:

Any Field in Section 03 is invalid if not all numeric or blank.

Correction Procedures:

Correct any coding and transcription errors.

Field 03L8, Specific Deduction, is for ERS input only. This Field is not transcribed.

This Field is used to enter the verified amount for Specific Deduction if the organization is a diocese, province of a religious order, or convention or association of churches, it is allowed one specific deduction for each parish, individual church district or other local unit that regularly conducts an unrelated business. If the organization is entitled to more than $1,000, there must be a schedule showing how the taxpayer arrived at the figure.

This Field is to be used only to resolve Error Code 742.

This Field is invalid if the dollar amount is $1,000 or fewer.

Field 03L8>, Specific Deduction underprint, is located on Part I, Line 8.

This Field is not transcribed. The computer limits the deduction amount to $1,000 or the amount of taxable income (Line 1) whichever is smaller.

The taxpayer is allowed only one $1,000 Specific Deduction regardless of the number of businesses included in his unrelated business income.