Hi,
Question;
Is the company able to offset these losses against its passive income (trust distribution)?
Thanks,
Hey @BAZ1
Thanks for waiting while we got info about this.
Yes. When a company receives a partnership loss and gets income from another source, the loss can be offset against the income, regardless of the type of income.
If the offset results in an overall tax loss for the company, the company can carry forward the loss indefinitely and use it when they choose. They need to have the same majority ownership and control.
Hi @BAZ1,
We will chat to our business team and let you know.
Hey @BAZ1
Thanks for waiting while we got info about this.
Yes. When a company receives a partnership loss and gets income from another source, the loss can be offset against the income, regardless of the type of income.
If the offset results in an overall tax loss for the company, the company can carry forward the loss indefinitely and use it when they choose. They need to have the same majority ownership and control.
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