schirallicpa Posted March 20, 2013 Report Share Posted March 20, 2013 This is a qualified disability trust. This is the first year. In settling the case, the attorneys were paid close to $700,000. Those expenses create a huge loss. I was originally thinking that this would create an NOL to carryforward. Without over riding anything, ATX calls the atty fees "non-business" and excludes from the NOL calc. Does anyone have any thoughts on this one? Thanks. Quote Link to comment Share on other sites More sharing options...
jainen Posted March 20, 2013 Report Share Posted March 20, 2013 >>ATX calls the atty fees "non-business"<< What do you call them, and why? Quote Link to comment Share on other sites More sharing options...
ed_accountant Posted March 21, 2013 Report Share Posted March 21, 2013 I believe the software is correct. They do not carryforward. Excess trustee and attorney expenses are common. They never create a NOL. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.