I am doing a 1120.
Company lost $183K this year and is dissolving.
I've entered the P&L. Any need for the Balance Sheet? I can't imagine why. They have no assets, just loss.
Might someone want to buy it just for the NOL which is now $325K? Is that a thing?
Where would I enter the loss so that it adds to the NOL for next year? But there is no next year.
Thanks in advance, Christopher
When all else fails READ THE INSTRUCTIONS.
I would guess that there may have been a beginning balance sheet. How did they fund the loss? I would create an ending balance sheet, just to clearly show the activity for the year. Yes, there might be a market to buy a corporation for it's NOL. The NOL worksheet should be automatic through the program, assuming you entered all of the prior year information. There is much you did not provide, so a complete answer is not really possible.
She didn't provide a balance sheet.
I will get it from her and fill out the appropriate M schedule.
"Might someone want to buy it just for the NOL which is now $325K? Is that a thing?"
Yes it is a thing but not a valuable one. A buyer's ability to use it is severely limited.
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