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23JRod03
Oct 27, 2009, 01:16 PM
Two individuals want to purchase the stock of an S-Corporation then convert it to a C-Corporation. The individuals also own multiple C-Corporation that file a consolidated tax return. Once the S-election is revoked, can the Loss of the S-Corporation for 2009 be included in the the consolidated return of C-Corporations? Can you see an downside here, or should they convert the S-Corporation to an LLC?