C Corp tax return after stock purchase

[creativeblockllc]

The new owner (Individual) purchased a 100% C Corp stock in August 2024. The previous owner (Corporation) was filing a consolidated return. The C Corp which the new owner just purchased was one of the previous owner's subsidiary corporations. So, the new owner couldn't get a copy of 2023 tax return. Questions below.

• In this case, how can the new owner report the beginning balance for the 2024 tax balance sheet?
• Should the new owner report for the full year tax return and pay full taxes (or loss carryover)?
• Or, should the new owner report the short-year return with no beginning balance?
• Is there any way the new owner can get a tax return transcript for prior years even though the previous owner filed a consolidated return?

[sjrcpa]

Didn't your client get the books and records of the corporation whose stock he bought?

[Taxes-by-Rocky]

That's one you ought to send to the new Turbo Tax professionals.

....and make sure they beat last year's fee!!