I prepare a 1041 for a trust and distribute all the income each year to the beneficiary. Last year, the 1041 (2018 tax return) showed -$100 taxable income. I believe that was because of the $100 exemption. Can I carry that forward as a net operating loss on my 2019 form 1041 return? If so, where do I account for that loss? I have the same situation for tax year 2019 on line 21 (exemption $100) and line 23 (taxable income -$100).