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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
Experience:  10 years experience
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I have a small business that was once a corporation. I have

Customer Question

I have a small business that was once a corporation. I have a NOL of $450,000 that I carry forward and have just read today that it may have some value. I do not make enough income to ever use the NOL. I no longer have the corporation as it was closed voluntarily at the suggestion of a CPA when I filed 2007 taxes, however, the State of CA will not allow it to be closed in the state because I have a balance that they continually add to due to years old late taxes. Since 2011, I have filed as a sole proprietor. Could there be any value to the NOL?
JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?
Customer: Hi Pearl, I must have taken too long to type since the name has changed here. I can't think of anything else unless you have a question. Thank you. Sandra
Submitted: 1 year ago.
Category: Tax
Expert:  ABC Accounting Group replied 1 year ago.

Hi. Great Question. The NOL can be included in Line 21, given some restrictions.