Discussion Archives:Change S corp to LLC

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Discussion Forum Index --> Advanced Tax Questions --> Change S corp to LLC


Discussion Forum Index --> Tax Questions --> Change S corp to LLC

YH (talk|edits) said:

21 August 2008
Hi everyone

My client acquired S corp who has elected to be a S corp from a SMLLC by filing Form 2553(2 years ago). He wants to change it back to SMLLC. (I think I could it by filing Form 8832 - even this is within 5 years because the 100% ownership has changed.)Since I do this conversion for the first time, I would appreciate for any input & comments - does it trigger any tax? Is conversion possible?

Doldrums (talk|edits) said:

21 August 2008
Yes it is taxable to extent FMV of net assets exceeds tax basis.
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