Question regarding S corp election

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  • taxdude71
    Senior Member
    • Jan 2007
    • 132
    #1

    Question regarding S corp election

    I have a client that is currently a C corp but has elected to be taxed as an S corp starting this year. He had some carryover losses on the C corp. Do they carry over to the S corp? If not, are they suspended if he decieds to elect C corp status again?
    Tags: None
    • dsi
      Senior Member
      • Dec 2005
      • 705
      #2
      suspended until it becomes a c-corp again.
      Dave, EA

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        • veritas
          Senior Member
          • Dec 2005
          • 3290
          #3
          Losses carried over from C-Corp

          Can be used to offset taxable built-in gains.
          Last edited by veritas; 10-31-2008, 08:27 PM.

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