Business & farm

That depends on whether your state has a minimum capital stock requirement. If this was an LLC that elected partnership then S-Corp status since an LLC has no stock that equity balance would more properly be recorded as additional paid-in capital. its treated the same as capital stock for tax purposes 

 

From what I understand you can not convert a 1065 to an 1120S in Turbotax. You have to start from scratch 

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