Client was a C Corporation that generated losses in 2016. Then in 2017 the C Corporation converted to an S Corporation. The NOLs are trapped. If the S Corporation is sold in 2020 is there a possibility of the NOL being released?
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See The Tax Book tabs 18 & 19. e.g., starting point 18-19 S Corporation Conversion to C Corporation, in addition to other areas (providing references & examples) in the tabs.
think there was a similar post a few days ago on 6-17-20.Last edited by TAXNJ; 06-24-2020, 08:27 AM.Always cite your source for support to defend your opinion
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