If Any Entity Electing S Status Is Currently a C

question 42

Short Answer

If any entity electing S status is currently a C corporation,NOL carryovers from prior years ____________________ be used in an S corporation year.

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Definitions:

Rental Expense

An expense incurred from leasing property or equipment for use in business operations.

Square Feet

A unit of area measurement equal to a square that is one foot on each side, used primarily in the United States.

Operating Department

A unit or division within a company that is directly involved in conducting core business operations, such as production or sales.

Garments

Clothing items or articles of dress; may also relate to the industry involved in designing and selling clothes.