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2015h-bjohncompl
Level 2
December 7, 2019
Solved

Closing C-corp with NOL on books

  • December 7, 2019
  • 3 replies
  • 0 views

Client has a C-corp that is being closed ... no assets or cash to distribute ... just an accumulated NOL on the books ...  how is the owner to recognize the NOL on their personal return ? 

This topic has been closed for replies.
Best answer by sjrcpa

Owner has a capital loss for his stock basis and a nonbusiness bad debt for any loans to the corp. The NOL dies with the corp.

3 replies

George4Tacks
George4Tacks
Level 15
December 7, 2019
How were the NOL's financed? How was the debt handled when closing?
Answers are easy. Questions are hard!
2
2015h-bjohncomplAuthor
Level 2
December 7, 2019
Owner added money to the company the last 3 years  to support the law suit the company was defending.  So now that the court case ended without penalty or payment the business is closing.
sjrcpa
sjrcpaAnswer
Level 15
December 7, 2019

Owner has a capital loss for his stock basis and a nonbusiness bad debt for any loans to the corp. The NOL dies with the corp.

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