Lacerte software is flagging subject to excessive loss limitation. Is there any exception for loss limitation Calif. because it is due to sale of Asset, 25 mil. For Feds there is Cares act. California?
This is urgent for my client at Stone and Gomez. My telephone number is 626-382-2216.
I really appreciate your expertise in this area. I would love to hear your voice.
Business gains and losses reported on Form 4797[, <i>Sales of Business Property</i>] and Form 8949[, <i>Sales and Other Dispositions of Capital Assets</i>] can be included in the excess business loss calculation. They also include pass-thru income and losses attributable to a trade or business. [IRS, “Excess Business Losses,” available at tinyurl.com/y6mchk22]
If a business is being sold in an applicable asset acquisition, ordinary income and Sec. 1231 gains should be attributable to a trade or business even if Sec. 1231 gain ultimately ends up as a net capital gain and is reported on Form 8949.