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

Hello, I have a...

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.

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If the ordinary income is negative then the federal tax will be negative.

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10/16/2017
Robin D.
Robin D., Senior Tax Advisor 4
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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: 18,052
Experience: 15years with H & R Block. Divisional leader, Instructor
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