Taxpayer has a C-Corp that incurred substantial losses and they are shutting it down.
The return has been completed, however I cannot find where to make this election to ensure the individual owner is able to take losses on the Sch. D.
Where is this section on both the C-Corp and the individual return?
Nowhere on the 1120.
Thanks, is there an election on the 1040 as well?
Let's say there were $10k in losses at the C-Corp, is it as simple as taking the $10k as the cost/basis and $0 as the sale price on Sch. D in ProSeries?
The 1244 loss is the shareholder's basis in the corporate stock. Which has nothing to with the corporation's loss.
So what happens to all of those corporate losses when the company closes?
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