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Microcap & Penny Stocks : TMMI - Total Multimedia -- Ignore unavailable to you. Want to Upgrade?

To: Larry Panik who wrote (12208)	1/22/1999 10:44:00 PM
From: taxgun	Respond to of 19109

that's a good question...the law has changed recently about carryover's...i dont know if a public company is different than a private corp, as arnie suggests...i know that the loss can be used in the new company, looking forward...these are some of the more complex rules in the tax law, and i dont deal with them in my "little" practice...the MAIN problem with taking on the losses from a new company perspective, is that the new company buys the STOCK, and all that goes with it (assets and liablities) usually... i dont know if tmmi has skeletons in the closet in the liability dept...if you buy assets, then you arent buying the stock, and you cant take the losses with you...so, therein lies the glitch... i will check on the c/o period for corps...each year stands alone in its allowable period, so if only 5 yrs, the 94, 95 losses would still be okay (93 goes to 98, 94 goes to 1999, etc)...after that, we have y2k <vbg> i will check out that RR from arnie jp