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An ordinary business loss on an 1120-S would be carried through, and reported on, the K-1(s) to the shareholder(s).

 

Shareholders would calculate an NOL individually. 

 

See https://www.irs.gov/publications/p536#en_US_2018_publink1000177318

 

 

Note that most taxpayers can only carry NOLs arising from tax years ending after 2017 to a later year (i.e., no carrybacks due tax reform - the Tax Cuts and Jobs Act (TCJA)).

 

See https://www.irs.gov/publications/p536#en_US_2018_publink10004278