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Level 2
October 6, 2020
Solved

Conversion of PTP to C Corp.

  • October 6, 2020
  • 1 reply
  • 9 views

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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Best answer by PhoebeRoberts

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

1 reply

PhoebeRoberts
Intuit Community Champion
October 6, 2020

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

JayHAuthor
Level 2
October 8, 2020

Thanks, Phoebe.

And for helping so many others throughout the years.

 

Jay Harris