Discussion:At Risk and NOL's
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Revision as of 20:55, 29 September 2009
Discussion Forum Index --> Advanced Tax Questions --> At Risk and NOL's
Discussion Forum Index --> Tax Questions --> At Risk and NOL's
| 29 September 2009 | |
| I just picked up a client that has a 100% owned S Corporation with large losses. The prior CPA treated these losses as limited due to the At Risk Rules. I believe that he handled this in error, due to the fact that the loans used to finance the S Corporation were personal loans and/or loans with property as security that are held personally. If he had not limited the losses under the At Risk Rules, the individual taxpayer would have used these losses on his personal return to create a large NOL. How do you fix a situation like this if the losses go back beyond the statute of limitations? | |
