ILLMAS Posted June 19, 2009 Report Share Posted June 19, 2009 Client bought brothers business that is a Texas corporation with a NOL, and merge the business with his Illinois corporation. The type of business is the same, but it was just in different states. The Illinois corporation has been profitable and it took part of the federal NOL from the Texas corp (IRS accepted the NOL)., now my question, can he also take the state's NOL and apply to either a carryback or carry forward NOL for IL (different states)? Thanks, Quote Link to comment Share on other sites More sharing options...
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