Can someone help with an Asset Allocation Statement? Form 8883?

[Safire]

Do I need to do with with a sole member LLC, changing to an S Corp?

If so, I don't understand what they mean about new or old target and am I supposed to also file an 8023?

Thanks in advance.

[Bees Knees]

Form 8883 is for mergers and other forms of corporate reorganizations. See TTB page 18-17.

No, you do not need to use Form 8883 for a single member LLC wanting to be taxed as an S corporation. You only need to file Form 2553. See TTB, page 18-14.

[Safire]

*whew*

Thanks Bees Knees, that is great news.

I had already done a couple of these without filing that form and was afraid I would end up paying penalties. That is a real relief.

[BHoffman]

I have an SCorp that sold all of its assets and liquidated shortly thereafter. Do I have to file form 8883?

Doesn't look like it. Just checking to be sure. Have read Taxbook and 8883 destructions and still am not sure.

Thanks for advice.