SCorp terminates election

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  • Rae
    Junior Member
    • Feb 2006
    • 27

    #16
    TTB pg 18-14

    Check the Box Rules:
    If an entity elects to be taxed as a corporation under the check-the-box rules, the entity is subject to corporate liquidation rules if it ever wants to uncheck that box and go back to being treated as a partnership or sole proprietorship. See Corporate Liquidations, page 18-19.

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    • BOB W
      Senior Member
      • Jun 2005
      • 4061

      #17
      Originally posted by Rae
      Check the Box Rules:
      If an entity elects to be taxed as a corporation under the check-the-box rules, the entity is subject to corporate liquidation rules if it ever wants to uncheck that box and go back to being treated as a partnership or sole proprietorship. See Corporate Liquidations, page 18-19.
      My thoughts exactly................................
      This post is for discussion purposes only and should be verified with other sources before actual use.

      Many times I post additional info on the post, Click on "message board" for updated content.

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      • BHoffman
        Senior Member
        • Feb 2008
        • 1768

        #18
        I'm so glad you guys weighed in before I've even really started this return. Thanks so much for your input and I appreciate your patient replies.

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        • BHoffman
          Senior Member
          • Feb 2008
          • 1768

          #19
          This is harder than I thought it would be
          Last edited by BHoffman; 04-24-2011, 02:48 AM.

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          • BHoffman
            Senior Member
            • Feb 2008
            • 1768

            #20
            Originally posted by veritas
            Is allowed between the corporation and the shareholder.
            Hi veritas - I'm looking at Sec 336(d)(A). I'm understanding it to mean that loss is allowed upon complete liquidation unless it is (i) not pro-rata ( only one shareholder here) or is (ii) non-qualified property ( this shareholder did not make any capital contribution of property within the 5 year period).



            Am I misunderstanding this? Thanks for advice.

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