Eric <elerspam[at]mindspamspring.com> wrote in news:vstir7iopurf48

- quote -

I've done a bit more reading on this, and the way it looks
is there's no sale possible since any kind of merger is
'solely' to take advantage of tax issues. Which is against
the rules apparently.

It looks like it would have been possible to merge the corp
BEFORE it got fired though. At that time, (and with an
active function,) the purpose in obtaining this corp could
have been to turn it around and make it profitable.

Apparently this is a convoluted and complex field, requiring
lots of accumulated knowledge to come to a solid conclusion.
So I guess my bud is just SOL with his NOL.

Regards,
Eric

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'A friend' owns a corporation that was the sole general
partner in a LLP.

Oddly enough, he comes to _me_ for advice and internet
searches.

The LLP is still running, but another GP has replaced the
corp. Perhaps the Limiteds insistence on a profit had
something to do with it.. or perhaps it was just fate. It
certainly isn't MY fault. (sheepish grins)

The corp essentially has no assets remaining, but it does
have a substantial NOL accumulated over the years. The
business of the corp is just that: 'Business Management'

Can another corp use the NOL from this one? (I.E. can my
buddy sell this thing based on the 'value' of the NOL?) I
don't think he is willing to put a whole lot more money down
the rathole for a professional answer of 'no'.

So if anyone knows what references I need, or at least where
I will need to start, I will greatly appreciate the help.

Regards,
Eric

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