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That would be true for passive losses - these are fully deductible when the passive activity is sold or otherwise disposed in fully taxable transaction.Regarding S-corporation losses - it’s use them or lose them. See here https://www.law.cornell.edu/uscode/text/26/1366(3) Carryover of disallowed losses and deductions to post-termination transition period
(A) In general
If for the last taxable year of a corporation for which it was an S corporation a loss or deduction was disallowed by reason of paragraph (1), such loss or deduction shall be treated as incurred by the shareholder on the last day of any post-termination transition period.
(B) Cannot exceed shareholder’s basis in stock
The aggregate amount of losses and deductions taken into account by a shareholder under subparagraph (A) shall not exceed the adjusted basis of the shareholder’s stock in the corporation (determined at the close of the last day of the post-termination transition period and without regard to this paragraph).
That actually means - if losses are not used withing one year after they are realized - they are completely "lost"Sorry if you expected differently.