CONVERSION OF C TO S CORPORATION
The Mentor Group
NOVEMBER 1, 2021
The headline reflects the most common corporate conversion, C to S. At the same time, the prevailing tax consequences may also apply to C conversions to LLCs and S corporations buying assets from a C company in a tax-free transaction. While the actual conversion of a C corporation to an S is relatively simple, the actual tax ramifications are not. If the C has a net unrealized built-in gain (or BIG) in its assets on the effective date of the conversion, it must track dispositions of these assets
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