S-Corp utilizes C-Corps NOL

[JoshinNC]

Can an S-Corp (one shareholder) purchase all the shares of an existing C-Corp (same single shareholder) where the C-Corp has an NOL carryover and apply that NOL carryover to it's S-Corp income for the year of the acquisition?

I'll do some research into this, but if someone has some prior experience in this and can point me in the right direction that would be great.

[Davc]

No. A C Corp is not a flow thru entity.

[ChEAr$]

Once the switch is made to an S corp, retained earnings , i.e. profits/losses, is frozen.

Something similar happened here once. President of the corporation had forgotten to mail the form 2553, so first year when he had a loss, it could carry over to next year of course and I could only advise him to wait until the loss had been used up and then elect S status for the following year.