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C corp electing S corp status as of 4/27/16

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    C corp electing S corp status as of 4/27/16

    Tax payer elected to be S corp in 4/27/16 (approved by IRS) I would like to double check if this is correct the way I understand it.... Hope you can help

    So tax payer must file 1120S for the period of S corporation status (April 27,2016-Dec 31,2016) and for the period he was a C corp file a 1120 (short year Jan-April 26,2016)

    Your reply would be greatly appreciate it. Thank you

    #2
    C-Corp to S-Corp AND? IRC 1374 hum

    Was the C-Corp Cash Basis or Accrual Basis
    1374 is BUILT-IN-GAINS

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      #3
      Have you determined whether there is a built-in gains? If so, do you know what will trigger it by electing S status? For example, if the C corporation was cash basis, the collection of those receivables may trigger the tax.

      You need to provide more information. Was there E&P at the time of the election? Was a valuation done to determine whether there was goodwill? And more.

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        #4
        Thank you for your replies. There was no income or assets under the C corp. Taxpayer filed for C corp and turned around and elected the S corp within the time period to do so. There was no income generated for the full 2016.

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