Question
Corporate NOL limitation - "C" Corp
I am preparing the final Tax Return in Form 1120.... due to the company is dissolved in year 2022.
This year 2022 the Company has Taxable income, but it has a carryover NOL from prior years (2020 & 2021). Despite the Company has enough NOL to reduce the current year 2022 taxable income to Zero, it is being taxed some of the income because of the 80% limitation; leaving 20% of the current income taxed at 21%, despite there is left NOLs which would be carryover but as it is dissolved, it would never be taken.
is this correct ?? or is there any way to take all NOL in order to reduce the current taxable income to Zero, for being the final tax return...
Thanks!
