In computing the taxable income (or loss) of an S corporation, an NOL carryover from a prior year is not allowed.

Name: In computing the taxable income (or loss) of an S corporation, an NOL carryover from a prior year is not allowed.
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S corporations pass their income, deductions, and credits through to their shareholders, who then report these items on their personal tax returns. NOL (Net Operating Loss) carryovers are used at the shareholder level, not at the corporate level, for S corporations.

In Computing the Taxable Income (Or Loss) of an S