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From partnership to s-corp, where do retained earnings go?
My partnership had some retained earnings when it elected s-corp. From my understanding, s-corp starts with a clean balance sheet, so retained earnings should be zero. And the RE from the partnership goes to the "capital stock".
Is this understanding correct? If so, how do I instruct TurboTax to do this? Thanks!
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‎January 5, 2024
6:32 AM