CARRY A NET INCOME LOSS FROM CURRENT FY (UNDER OWNER) TO NEW FY (NEW OWNERSHIP) AS TAX SHIELD?

If a seller shows a negative net income for current FY (due to taking excessive cash out of the business prior to selling), would I be able to use that loss as a tax shield for next FY when business under my ownership? Assuming would be for a stock sale. Transaction would take place on Day 1 of new FY.

Updating with more info: Target company is a C-Corp and owner is paying himself a bonus to take cash out. This is coming from cash on the balance sheet, not retained earnings. Before handing over the business, he will take almost all cash out of the business, which would create a NOL. The loss would be for FY 2021 and I would take over FY[redacted]This would be a stock sale.



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