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 ?
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.
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.
The more I know, the more I don't know.
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