Does anyone know how to do this? Here's what I've found, and questions I have.
SMLLC filed form 8832 in 2005 to be taxed as a Corp. Filed form 2553 to make S election at the same time. 5 year requirement is OK.
I have the required statement ready to request voluntary termination of S election, effective date Jan 1, 2011. OK
Liabilities exceed assets. Are the assets still distributed at FMV?
Do I need to file form 8832 to change classification from Corp to Disregarded Entity? I think so.
If so, does the LLC need to get a new EIN?
Thanks for advice.
SMLLC filed form 8832 in 2005 to be taxed as a Corp. Filed form 2553 to make S election at the same time. 5 year requirement is OK.
I have the required statement ready to request voluntary termination of S election, effective date Jan 1, 2011. OK
Liabilities exceed assets. Are the assets still distributed at FMV?
Do I need to file form 8832 to change classification from Corp to Disregarded Entity? I think so.
If so, does the LLC need to get a new EIN?
Thanks for advice.
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