Entity change: Inc to LLC Hello,
I have quite a difficult question, that I have not been able to find a sure answer to.
I have someone who is switching from his S-Corp to LLC (I know, I gave him my opinion/advice, but it's his choice).
Normally, when changing entity type from LLC to Inc, you can do Property in exchange for Stock and as long as the owner meats the ownership requirement then that event is tax exempt.
My question, is there an equivalent step when switching from Inc to LLC. Would one do Stock in exchange for property? Would this still be tax exempt if the ownership test is met?
I could not find anything on the specific situation so far.
Any help is greatly appreciated. |