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Conversion of PTP to C Corp.

JayH
Level 2

Taxpayer's PTP converted, tax free to a C Corp.  My understanding is the suspended losses are added to the C Corp stock basis, so how do I mark the K-1 as final without the suspended losses being used currently?

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PhoebeRoberts
Level 9
Level 9

You make a note in your file to delete it next year. There's no way to do what you want to do.

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2 Replies 2
PhoebeRoberts
Level 9
Level 9

You make a note in your file to delete it next year. There's no way to do what you want to do.

View solution in original post

JayH
Level 2

Thanks, Phoebe.

And for helping so many others throughout the years.

 

Jay Harris