Discussion:Corporate NOL
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Discussion Forum Index --> Advanced Tax Questions --> Corporate NOL
Discussion Forum Index --> Tax Questions --> Corporate NOL
| December 15, 2007 | |
| Hello. Retail shop (my C Corp client) with significant NOL sells all assets to third party. Assets include inventory, equipment, and balance of goodwill left from when my client acquired the shop. In addition, the third party pays an amount directly to the 100% owner of C Corp for non-compete agreement. Proceeds to Corp are used to pay off liabilities. After clearing the balance sheet of assets and liabilities, there remains an NOL of ~100k and documented loan due to shareholder of ~$100k.
Can my client leave her C Corp open and have the company provide consulting services to enable her to eat up the Corp NOL and get paid back the amount due her? | |
Death&Taxes (talk|edits) said: | 15 December 2007 |
| To me, I can't see any reason why not. | |
- consumer question and related answers (from 2008) have been moved to another discussion that was already in the consumer forum.
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