Discussion:Disallowed Charitable Contributions in C-Corp before S-Election
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Discussion Forum Index --> Advanced Tax Questions --> Disallowed Charitable Contributions in C-Corp before S-Election
Discussion Forum Index --> Tax Questions --> Disallowed Charitable Contributions in C-Corp before S-Election
| 26 September 2009 | |
| I haven't been able to find a definitive answer to this question. I have a c-corp with disallowed charitable contributions after a few years of amendments were made to properly state A/P. An s-election was made before we started the amendment process, but the first s-return has not yet been filed (I know it's late). My question is what happens to the disallowed contributions upon s-election? Will they flow through to the S/H on the first s-return or are they suspended at the corp level forever like NOL carryforwards?
Any help would be appreciated. Thanks! | |
| 26 September 2009 | |
| The contributions will basically expire unless the corporation revokes its S election. See Sec. 1371(b). | |
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