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I have a question regarding the ordinary income tax. If the

Hello, I have a question...
Hello, I have a question regarding the ordinary income tax. If the ordinary income tax due is negative does that apply anywhere? This pertains to the sale of an S corp .business.
JA: The Expert will know how to help. Please tell me more, so we can help you best.
Customer: if the ordinary income is negative then the federal tax will be negative.
JA: Is there anything else important you think the Expert should know?
Customer: No.
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Answered in 3 minutes by:
10/16/2017
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,880
Experience: 15years with H & R Block. Divisional leader, Instructor
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If the ordinary income is negative (or a loss) then the tax would be $0 but not less than $0. Tax liability is not reported as a loss it doe s not get reported as less than $0.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,880
Experience: 15years with H & R Block. Divisional leader, Instructor
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Customer reply replied 1 month ago
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Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,880
15,880 Satisfied Customers
Experience: 15years with H & R Block. Divisional leader, Instructor

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