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K
KGL19
Level 2
March 13, 2023
Question

1065 Conversion to 1120S

  • March 13, 2023
  • 1 reply
  • 9 views

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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1 reply

sjrcpa
sjrcpa
Level 15
March 14, 2023

 Yes basis transfers. So do assets less depreciation and everything else on the balance sheet.

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