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1065 Conversion to 1120S
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KGL19
Level 2
03-13-2023
06:08 PM
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I have a New calendar Year LLC Client who filed a 1065 Partnership Return for tax year 2021, it received its election from IRS to become an 1120S on 1/2/22. My question is-- 1. can i roll partnership basis into the new S-Corp.Capital Accounts (Basis) 2 . What to do with the depreciating fixed assets--can i roll these as well?
Any Advice.
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