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I need assistance from an attorney or tax professional to research and draft a formal memo (with citations to tax code provisions and/or case law) regarding the transfer or sale of net operating losses by a C-Corporation.
To summarize the facts: Group of shareholders raised money to start a new business, which was organized as a C-corporation. The company operated for a couple years during which time it lost money. The company eventually sold all of its assets in a distressed sale and closed its doors. The company is now just a shell, it has a nominal amount of cash in it's bank account, but no other assets. It is not currently operating in any manner, has no employees, etc. The company's only other asset is the net operating losses.
My understanding is that if the company were to re-start, it could use the net operating losses to offset against future income. However, the shareholder group has no interest in trying to re-start the company. They would like to see if they can sell ...
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