Discussion:Net Operating Loss
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Discussion Forum Index --> Tax Questions --> Net Operating Loss
| 25 January 2006 | |
| I have a client that INVESTED in a 3 member LLC. As far as I can tell he was a limited partner with a $12,000 investment. The business failed and went into bankruptcy. I understand he will be given a k-1. Can he take his entire $12,000 loss under the NOL rules? Or is he limited to the $3000 per yr limitation. Which form is this reported on? Is it the Form 1045? | |
| 25 January 2006 | |
| The loss should be reflected on the K-1. The character of the loss will be determined at the LLC level. | |
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