A taxpayer may make an election on a timely filed (including extensions) 2024 Form 2 to reconcile the difference in the federal and Montana amounts of passive activity losses, short-term and long-term capital losses, and any differing bases. If the Montana carryover amount or basis is smaller than the federal amount, the taxpayer will make a positive adjustment to reconcile the difference. If the Montana carryover amount or basis is larger than the federal amount, the taxpayer will make a negative adjustment to reconcile the difference.

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