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If Any Entity Electing S Status Is Currently a C

question 30

Short Answer

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


Definitions:

Impetigo

A highly contagious bacterial skin infection characterized by red sores, mainly affecting children.

Eczema

A group of medical conditions causing inflamed, itchy, cracked, and rough skin patches.

Diaper Dermatitis

A common form of inflamed skin (dermatitis) that looks like patches of inflamed skin on the buttocks, thighs, and genitals, caused by prolonged exposure to a dirty diaper.

Clubbing

A physical finding characterized by the bulging of the tissues at the base of the nails, often associated with chronic oxygen deprivation or lung disorders.

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