Business & farm

Thanks Rick.  To clarify, beginning S corp basis of "what ever you contributed" represents the LLC's assets and liabilities and my contributed capital as of the day before the S election?  Company assets are cash and inventory.  My only liabilities are accounts payable and deferred revenue.  No debt.  Owner's Equity includes contributed capital I put in to the business and negative retained earnings (due to NOL's for 2017 and also 2018).  Also how do I determine if I need to pay taxes on the S election based on Section 357 liabilities exceeding basis <a rel="nofollow" target="_blank" href="https://www.law.cornell.edu/cfr/text/26/1.357-2">https://www.law.cornell.edu/cfr/text/26/1.357-2</a> ?  Would that calculation for me be the the LLC's assets+contributed capital-liabilities mentioned above (with all figures presumably determined end of 2017 right before the S election)?  And is it the same calculation for beginning basis of the S corp?  Not sure what you mean by "Anything that occurred before the S election, will have no impact on your basis."