User talk:Green hunter
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- Tim Doyle, TaxAlmanac Moderator - Talk to me 08:08, 27 January 2007 (CST)
Mr. Hunter,
I am new to this forum. I'm not sure if it is permisable for me to pose an issue directly to another member. If not, please let me know.
Did you ever get an answer to the following question you posed back in 2006?
"Taxpayer C Corp purchases all the shares of a S-Corp. Consequently, the S corp election is terminated i.e. can longer be a S - Corp. What happens to the AAA account of the former S corp is that distributed to the C Corp so that they have the basis in RE or to the former shareholders?"
I posed a similar question yesterday but have not received a response. Any help you could provide would be appreciated.
My question was, "I have an S corporation client that has negative AAA (caused by losses, not distributions). At the time the corporation failed to meet S corporation eligibility, the corporation's balance sheet reflected common stock of $100, a loan from shareholder of $200,000 and negative AAA of $75,000. How/where do I reflect the negative AAA when preparing the first C Corporation return?" Thank you, David Huberman Huberman 15:03, 23 December 2008 (CST)
