ncCPAp on the GO!

final year of c corp

  • 1.  final year of c corp

    Bronze Most Valuable Member
    Posted 12 days ago
    I was wondering if any body had this situation.
    I have a corp. that was sold in 2019, it has very large
    carryover losses, is there any way to use up the remaining losses??
    Thanks 
    Ken
    516-639-0858


  • 2.  RE: final year of c corp

    Platinum Most Valuable Member
    Posted 12 days ago
    well,  here are some thoughts...
    .
    Did the funds used to generate that loss come from the shareholders. if yes, perhaps they could have a loss on their investment, and perhaps it might qualify as a ``1244 loss. Does that work ?

    If not, is there another entity that the owners control,  in a similar business which could acquire the loss entity ?


    ------------------------------
    Abby Alhante
    KURCIAS & ALHANTE, CPAs LLC
    Melville NY
    ------------------------------



  • 3.  RE: final year of c corp

    Bronze Most Valuable Member
    Posted 12 days ago

    That sounds good. Thanks for your time




    On Monday, December 2, 2019 Abby Alhante via National Conference of CPA Practitioners <NCCPAP-onthego@ConnectedCommunity.org> wrote:

    well,  here are some thoughts... . Did the funds used to generate that loss come from the shareholders. if yes, perhaps they could have a loss on...

    ncCPAp on the GO!

      Post New Message
    Re: final year of c corp
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    Abby Alhante
    Dec 2, 2019 8:26 AM
    Abby Alhante
    well,  here are some thoughts...
    .
    Did the funds used to generate that loss come from the shareholders. if yes, perhaps they could have a loss on their investment, and perhaps it might qualify as a ``1244 loss. Does that work ?

    If not, is there another entity that the owners control,  in a similar business which could acquire the loss entity ?  


    ------------------------------
    Abby Alhante
    KURCIAS & ALHANTE, CPAs LLC
    Melville NY
    ------------------------------
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