Discussion:Single Member LLC to S Corp
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(Difference between revisions)
| Revision as of 17:44, 1 September 2009 Tdh555 (Talk | contribs) (Yes...run a bala) ← Previous diff |
Revision as of 18:25, 1 September 2009 Lrussell (Talk | contribs) (Thank you. I pr) Next diff → |
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| {{ForumReplyPost|UserID=Tdh555|Date=1 September 2009|Text=Yes...run a balance sheet at that date and record a Sec 351 transfer to S corp. Attach this statement to first year 1120S.}} | {{ForumReplyPost|UserID=Tdh555|Date=1 September 2009|Text=Yes...run a balance sheet at that date and record a Sec 351 transfer to S corp. Attach this statement to first year 1120S.}} | ||
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| + | {{ForumReplyPost|UserID=Lrussell|Date=1 September 2009|Text=Thank you. I prepared the statement, no-one knows what the FMV of the property was, difficult to know exactly, but I don't think it is much different than adjusted basis. Would you think it would make a difference if we just put the FMV to equal the adjusted basis if it is (1) unknown and (2) seemingly immaterial}} | ||
Revision as of 18:25, 1 September 2009
Discussion Forum Index --> Basic Tax Questions --> Single Member LLC to S Corp
Discussion Forum Index --> Tax Questions --> Single Member LLC to S Corp
| 1 September 2009 | |
| Client filed form 2553 to elect to be taxed as s corp. Client's LLC previoiusly filed schedule C. Does retained earnings start over effective 1/1/08 when S-corp became effective? | |
| 1 September 2009 | |
| Yes...run a balance sheet at that date and record a Sec 351 transfer to S corp. Attach this statement to first year 1120S. | |
| 1 September 2009 | |
| Thank you. I prepared the statement, no-one knows what the FMV of the property was, difficult to know exactly, but I don't think it is much different than adjusted basis. Would you think it would make a difference if we just put the FMV to equal the adjusted basis if it is (1) unknown and (2) seemingly immaterial | |
