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Old 06-02-2018, 05:51 PM
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Join Date: Jun 2018
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transferring NOL carryovers from sole proprietorship to C Corp.

Hey Guys,
How do I transfer NOL carryovers from my sole proprietorship to a C Corp that I established. I am trying to convert sole proprietorship into a C Corp and would not want to lose NOLs accumulated at sole proprietorship level.
Many thanks!



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Old 06-05-2018, 12:33 AM
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If a sole proprietorship converts to an C corp, any NOL carryovers it had at the time of conversion cannot be used. NOLs generated by a disregarded entity ,i.e.,a smllc not electing to be taxed as a corp or an individual who operates a trade or business as a sole proprietorship are applied at the individual level; I mean once you incur a loss in your unincorporated business ,as mentioned above, you may deduct the loss from your other sources of income reported on Form 1040.



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Old 06-06-2018, 04:18 PM
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Wnhough many thanks for your reply and sharing your knowledge!

Wnhough many thanks for your reply and sharing your knowledge!



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