Discussion:C-Corp Disolving
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Discussion Forum Index --> Advanced Tax Questions --> C-Corp Disolving
Discussion Forum Index --> Tax Questions --> C-Corp Disolving
ClevelandCPA (talk|edits) said: | 24 October 2007 |
| I have a client you would like to disolve a C-corp NV. Per previous years he has accumulated a NOL of 90K. There are no assets to the company. And I assuming he has $100 Stock basis. Upon disolving this entity, what happens to the NOL. I have not dealt with many C-corps and have not been able to find specific information regarding this situation. Any advice would be apprecited. | |
TheTinCook (talk|edits) said: | 24 October 2007 |
| It goes poof. | |
ClevelandCPA (talk|edits) said: | 24 October 2007 |
| Can you tell me where I could find this in the code? Thanks. | |
| October 24, 2007 | |
| Ah, disbelief. Search your service for NOL carryforward in C corps and you should find it. But *poof* it is. | |
Corptaxhelp (talk|edits) said: | October 25, 2007 |
| Cook and JR are correct. Poof!
Does your client have any cash in the company to spend? Is there a company with a gain he'd like to own? I hate to throw away NOLs. Check your Rolodex<tm> of clients. Do you know of a C corporation with a gain that also wants to dissolve? If you could matchmake inside your own circle of influence, everyone could walk away happy. | |
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