need advice, corporate irs return, subchapter S corp?

Question

CPAs, tax prep professionals, please, or someone who has studied this extensively and recently:

i own a few corporations. one of them is a subchapter s corporation that was not making money for a while. in 2006, it did make money, so on 3.15.07, a new income tax return must be filed. OLD INCOME TAX RETURNS for this corporation were lost.

i prepare all my corporations' returns. this corporation had depreciable assets which it still owns. in addition, i had elected the one-time option to put old unused losses (?) onto future gains.

i need to know:

how to i restart the depreciation? or can't i?

what do i do with gains that i want to offset with old losses?

any other advice?

THANKS!

Answer 1

Does your corporation do work for people for free? If you do please provide your address and service. If not you should go see a tax professional familiar with corporate tax. The answer you get here may just be worth what you paid for it. Nothing!! These issues are much too complicated to be addressed in this forum.