Q:

Subject: conversion-s corp to c corp

 

can you provide the statement required to be filed with the irs to do the conversion, or the publication where more info can be found?

Thanks

A #1:

You can find the requirements for terminating the S election on pages 2-3 of the 1120S instructions, which you can download from the IRS at: www.irs.gov/pub/irs-pdf/i1120s.pdf

Good luck.

Kerry Kerstetter

A #2:

I was browsing through my Tax Tools programs and saw that the Corresponder program has the following template for revoking the S election.  It's short enough that I copied and pasted it here.

I hope this helps.

Kerry Kerstetter



Page 1:


Statement to Revoke Sub chapter S Election (IRC Section 1362(d))


To:  Internal Revenue Service
        <insert service center address>


Re:  [Client: Taxpayer & Spouse name(s)/Company Name]
[Client: Street address, Apt/Ste/PMB #, plus line 2 (if any)]
        [Client: City, State  Zip]
        ID: [Client: Taxpayer's SSN/Company FEIN]


The above mentioned company hereby revokes its election under IRC Section 1362(a) in accordance with IRC Code Section 1362(d).  As of  < insert date >, there are < insert number > shares of issued and outstanding shares of stock in [Client: Taxpayer & Spouse name(s)/Company Name].  Attached are signed consents by all shareholders holding more than one-half of the issued and outstanding stock in [Client: Taxpayer & Spouse name(s)/Company Name].


[Client: Taxpayer & Spouse name(s)/Company Name]


By: ____________________________
             (Title)

Date: _____________________



Page 2:

Attachment of Shareholders to Statement of Consent to Subchapter S Revocation


The undersigned shareholders in accordance with IRC Section 1362(d) hereby consent to the revocation by the [Client: Taxpayer & Spouse name(s)/Company Name], ID# [Client: Taxpayer's SSN/Company FEIN] of its election under IRC Section 1362(a).  Such revocation is effective < insert date >.



By:  _____________________________________    ___________________
        <insert name of shareholder>    Date
        <insert address>
        <insert city, state, zip>
        ID: <insert ID#>


By:  _____________________________________    ___________________
        <insert name of shareholder>    Date
        <insert address>
        <insert city, state, zip>
        ID: <insert ID#>


By:  _____________________________________    ___________________
        <insert name of shareholder>    Date
        <insert address>
        <insert city, state, zip>
        ID: <insert ID#>


At the time of this revocation, the issued and outstanding shares of the  [Client: Taxpayer & Spouse name(s)/Company Name] are held as follows:

        <insert shareholder>    <insert number of shares>
        <insert shareholder>    <insert number of shares>
        <insert shareholder>    <insert number of shares>

 

 

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 6/11/2005 07:53:00 PM Send this post: