Mr. Simon

[simong265]

What is the name of your state (only U.S. law)?
State of New York
A C-Corp. is set up in 1987. I would like to turn this C-Corp. into an S-Corp in 2009. The question is, is there a waiting period after making the C-Corp. an S-Corp. for the purpose of selling the assets of this corp. to avoid double taxation?

 

[LdiJ]

What is the name of your state (only U.S. law)?
State of New York
A C-Corp. is set up in 1987. I would like to turn this C-Corp. into an S-Corp in 2009. The question is, is there a waiting period after making the C-Corp. an S-Corp. for the purpose of selling the assets of this corp. to avoid double taxation?

Its a whole lot more complicated than you may be thinking. You will need both an accountant and a tax professional who are experienced with the conversion of a C-corp to an S-corp.

Its really not a question of how much time passes, its a question of how the different elements of "basis" are going to be treated.