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can an S corp parent with an QSSS having a pre QSSS c corp

charitable contribution be carried over...
can an S corp parent with an QSSS having a pre QSSS c corp charitable contribution be carried over and used by the S corp shareholders. My research indicates no under 1371
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8/20/2013
MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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Hi and welcome to JustAnswer:

Any and all carryovers of a C corp are suspended upon election to be taxed as an S corp. Unless the election is revoked within the allowed carryforward period, the benefits of the contribution will be lost.
MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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MequonCPA
MequonCPA
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Category: Tax
Satisfied Customers: 2,342
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Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.

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