10-11-2003, 06:43 AM
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 Re: suspended k-1 loss, s corp goes to c corp "BM30003700" <bm30003700[at]aol.com> wrote: - quote - > a client of mine revoked s corp status prior to march 15,
Not allowed. Nothing that happens to a c corp will affect> 2003, so became c corp effective 1/1/03. > at 12/31/02, had approximately zero basis in s corp, prior > to taking into account approximately 40k loss in 2002. > is the 40k loss that is not allowed on his 2002 1040, due to > at risk limitation lost forever, since the corporation is > now a c corporation? the shareholder. -- David M. Woods, EA Boston, MA 02109 Postings here are general information only and not to be relied upon as advice. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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10-08-2003, 09:12 PM
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| suspended k-1 loss, s corp goes to c corp a client of mine revoked s corp status prior to march 15, 2003, so became c corp effective 1/1/03. at 12/31/02, had approximately zero basis in s corp, prior to taking into account approximately 40k loss in 2002. is the 40k loss that is not allowed on his 2002 1040, due to at risk limitation lost forever, since the corporation is now a c corporation? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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