sjrcpa
Level 15
07-29-2021
01:33 PM
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They may not have an NOL.
A Schedule C loss offsets other ordinary income. The excess loss becomes an NOL. I'm oversimplifying the NOL computation here but this is the gist.
Why'd they leave it off? Was it really an active business n 2020? Start up expenses are not deductible until operations begin.
The more I know the more I don’t know.