Question: 1. If any entity electing S status is currently a C corporation, NOL carryovers from prior years generally__Cannot___________ (can/cannot) be used in an S corporation

1. If any entity electing S status is currently a C corporation, NOL carryovers from prior years generally__Cannot___________ (can/cannot) be used in an S corporation year.

2. Nonseparately computed loss ____increases____________ (increases, reduces) an S shareholders stock basis.

3. In the case of a complete termination of an S corporation interest, a ____________________ tax year may occur.

4. The choice of a flow-through entity for a closely held corporation often is between a(n) ____________________ (a Federal tax entity) and a(n) ____________________ (a state tax entity).

20. The exclusion of _________________ on the disposition of small business stock (is/is not) _________________ available for S stock.

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