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I have a client in an LLC with two other members that has had

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significant loses in the first...
I have a client in an LLC with two other members that has had significant loses in the first two years, but now expects to turn the corner. The client wants to convert to a C corporation to prepare for an exit strategy, and I am looking at the income tax consequences of doing so.
Submitted: 2 years ago.Category: Tax
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Answered in 17 minutes by:
7/14/2015
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 2 years ago
PDtax
PDtax, Certified Public Accountant (CPA)
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Satisfied Customers: 4,712
Experience: 35 years tax experience, including four years at a Big 4 firm.
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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 2 years ago
Can you explain what you want to do? Will the LLC convert to C or the client transfer/convert his interest into a C corp holding? Can you also outline why you want to convert now, or is it after the losses are utilized?
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