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The corporation balance sheet won't change. Historically you were an S-Corp., and those balances remain in place. You just start filing an 1120 and there are no further pass-through items unless and until you qualify to elect S-Corp status again and you decide to do so. The balances, including accumulated depreciation, all carryforward & you would continue to depreciate your assets using the same depreciation methods & periods you were using, just as if nothing changed.