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B
Best deal
Level 2
March 31, 2025
Question

1120s form 982

  • March 31, 2025
  • 1 reply
  • 13 views

 form  982 part II line 6

 

Applied to reduce any net operating loss that occurred in the tax year of the discharge or carried over to the tax year of the discharge . . .982

 

it doesn't transfer the  NOL to   the 1120s  

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1 reply

sjrcpa
sjrcpa
Level 15
March 31, 2025

S Corporations don't have NOLs (except if they were formerly a C Corp with an NOL).

982 stuff generally doesn't go anywhere. It's a standalone form.

The more I know the more I don’t know.
B
Best dealAuthor
Level 2
April 1, 2025

What about credits , same thing? 

sjrcpa
sjrcpa
Level 15
April 1, 2025

Credits in an S Corp pass  through to the shareholders on K-1s.

The more I know the more I don’t know.
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