Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Can a taxpayer net an S corporation income with another S corporation loss that has no basis?

PRTAX
Level 2

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.

 

0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here

1 Comment 1
IRonMaN
Level 15

No basis - no deduction.


Slava Ukraini!