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S corp to C corp

Level 2

an s corp was bought by a partnership. I and the attorney who did the sale think the s corp loss its s corp status due to the sale; what do you think?

if so, i will do a short year s corp return and then a c corp return using fiscal year; any thoughts?

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1 Comment 1
Level 15

S corp status terminated when sold to Partnership. A partnership is not an eligible S shareholder. 

Yes you will have a short year S corp return, followed by a c corp return.

Not so sure about the C having a fiscal year. Research the rules on permitted tax year/accounting period.