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AICPA seeks guidance on adjustments for conversions from S corp. to C corp.

by Julia Woislaw | Oct 04, 2019   ()

The law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, provided for a reduction in the income tax rate imposed on C corporations under Sec. 11(b). Given the significance of the reduction, Congress anticipated that some S corporations might revoke their S elections and convert to C corporation status to benefit from the reduced 21% corporate tax rate.
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Source: Journal of Accountancy

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