- Was the conversion handled by a state conversion?
There was no conversion. The S Corp is a new, separate entity.
- Was the conversion handled via the "check-the-box" rules?
No conversion.
- Have you received documentation from the IRS that the S election has been accepted?
Yes
- Depending on the response to bullet 1 and 2, this will have an impact on your basis in the S corp.
- You could have an assets-over approach
- You could have an assets-up approach
- Depending on which approach is used, the basis in your S corp stock and any physical assets will be different.
Not sure how this applies to me.
