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Accounting. Audit and Tax
CPAnet Forum : Accounting. Audit and Tax

Topic: Dividend distribution with a NOL (

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mltinc
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Joined: 11 Jan 2011
Location: United States
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Posts: 2

Posted: 11 Jan 2011 at 15:52 \| IP Logged

Does anyone know if a C Corporation incurs a profit in a given tax year and the shareholders would like to take a dividend distribution are they allowed even if the company has a carryforward NOL from prior period which in turn would eliminate the profit for the current tax year? Thanks

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