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A small C Corp wants to convert to a S Corp C corp when

Customer Question
A small C Corp...

A small C Corp wants to convert to a S Corp C corp when established shares 50% son and 50% father. Son has not been involved in the business

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

Father wants to covert to S with him being the only shareholder Form 2553 can the father be the share holder of all shares and the son sign with zero shares? sorry hit return by mistake before

Accountant's Assistant: Is there anything else the Accountant should be aware of?

No very small company net earnings below $10k each year wants to convert to save money

Submitted: 1 month ago.Category: Tax
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3/19/2018
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 month ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,011
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 1 month ago
The son would have to transfer his c corp shares first to the father, then only the father needs to sign the s election 2553.Thanks for asking at just answer. Positive feedback is appreciated. I'mCustomer
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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 month ago

Hi again.Customerhere.

Can I ask for positive feedback to complete your request? Thanks.

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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 month ago

Hi again.Customerhere.

Do you need anything further? If your question has been addressed, please rate my response to close out your request.

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