I want to close my corporation (registered in California) and open another corporation in Texas. How do i transfer NOL from the California corporation to the new one using Torbotax business?

[betterbetter]

I own 80% stock in both corporations. 

[Rick19744 · Accepted solution]

You can't just move NOL's from company to company.

This issue is one that is best handled with competent tax professional(s).  I say plural as you will need to involve legal counsel and a tax professional.

There are rules that prevent the shifting of NOLs, however, those apply only when there has been an owner or equity shift of more than 50 percent over a 3 year period.  Based on the limited facts, you are currently below that threshold as you indicate you own 80% of both companies.

However, you can only accomplish what you want through an acquisition or a merger; hence the need to involve legal counsel.