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In liquidating assets and closing C-corporation, can use be made of NOL loss from prior years?
C-Corporation distributes rental house (market value $100K, fully depreciated) to sole shareholder and closes the corp. It has a 40K NOL from prior years. Can I say that shareholder buys the house for $100K so as to make use of the 40K NOL. Or can I say the value of the distribution to shareholder is $60K?
