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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
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S corp to C corp
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SmokinBob
Level 2
11-11-2020
12:36 PM
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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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sjrcpa
Level 15
11-11-2020
02:10 PM
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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.
The more I know, the more I don't know.
