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- Can a taxpayer net an S corporation income with another S corporation loss that has no basis?
Can a taxpayer net an S corporation income with another S corporation loss that has no basis?
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PRTAX
Level 2
08-25-2021
06:32 PM
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A doctor operates 3 clinics using 3 different S corporations. All three had suspended losses from previous years. In 2020 one clinic had income which exceeded its suspended losses, the other two had losses.
Can the income from one S be netted to the other losses even though they have no basis?
In the At Risk rules the three S corps can be aggregated but I cannot find anything that says the S corps can be aggregated for basis limitations rules.
Thank you for reading and any guidance.
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1 Comment 1
IRonMaN
Level 15
08-25-2021
08:08 PM
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No basis - no deduction.
Slava Ukraini!
