How to Elect a 1244 Loss on Both C-Corp and 10404

[tccpg289]

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?

[sjrcpa]

Nowhere on the 1120.

[tccpg289]

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?

[sjrcpa]

The 1244 loss is the shareholder's basis in the corporate stock. Which has nothing to with the corporation's loss.

[tccpg289]

So what happens to all of those corporate losses when the company closes?