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C-Corp conversion to S-Corp

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Level 1

Hi!  I have a C-Corp that was converted to S-Corp in 2019.  The C-Corp had carryover charitable contributions from prior year.  Are those lost upon conversion to S-Corp?

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4 Replies 4
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Level 15

I believe they have entered purgatory.

Wear a mask - the grandma you save could be your own.
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Level 15

Then they still have a chance to be redeemed.

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A fine is a tax for doing wrong. A tax is a fine for doing well.
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Level 15

@itonewbie I slept through Bible Study. How does one get redeemed from purgatory? 

 

Income tax returns are the most imaginative fiction being written today. — Herman Wouk
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Level 15

Through the prayers and intercession of the faithful and the grace of the Almighty.

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A fine is a tax for doing wrong. A tax is a fine for doing well.