My primary backer wants to set up our account at IB as a Chapter S corporation. However I have almost 300k in personal carryover losses that I dream will one day get eaten up. My question is , are corporate trading profits "earned" or applicable to carry-overs? Before anyone answers saying file for treatment as a Pro with the IRS, keep in mind that a change in accounting forfeits all old carry over losses. Also is IB cool about corporate futures accounts?
Are you certain that an accounting change would forfeit those losses under all circumstances? I would think an adjustment - albeit amortized or phased in - might be applicable.
I would suggest you try an LLC. If the state you are in has favorable laws (like NJ, Nevada), the threatment is much better and so is the paper work. - JS