I have a C corporation that has about $ 50,000 in accounts payable that it will not be required to pay when it closes down the corporation and this has contributed to an NOL that has carried over from previous years. There will be an influx of income from a lawsuit in the final year from another source that will come into the corporation and the NOL will be applied to this income. Are we required to reverse the accounts payable in the final year of the corporation if there will be no requirement to pay and therefore reduce the nol balance ? Or can we leave the A/P as it stands since it is still technically owed but the vendor will not be pursuing collection ?
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