At the time of conversion, the stock basis in the C-Corp becomes your beginning stock basis in the S-Corp and it was then just 1 stock block. You then need to create a basis calculation for each of the 20 years the S-Corp operated. When you get to the balance on 12/31/2020, this amount becomes your beginning stock basis for 2021. Only 2021 activities will then increase or decrease your basis prior to the liquidation.
You can use S Corporation Stock and Debt Basis for help on calculating your basis.
@Lavash1
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