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When a corporate client is completely liquidating and has NOL and Tax Credit carryforwards that...

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Accounting

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When a corporate client is completely liquidating and has NOL and Tax Credit carryforwards that can be usedin the current year, the practicioner should: Multiple Choice advise the client to consider the cash flow value of these items in future periods before electing liquidation ensure that a deduction for unused liquidating tax items is included on the final corporate return advise the client to elect the option to waive limitations and take the NOL on the final Form 1120 ensure that the corporations final Form 1120 indicates the election to allocate unsued items to shareholders on a weghted basis

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