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LLC with 2 mbrs. choose to be taxed as a corp. Do the LLC mbrs still need a basis calculation?



LLC with 2 mbrs. choose to be taxed as a corp. Do the LLC mbrs still need a basis calculation?

Seems like nobody has the answer to your question.

I would say no based on what I remember after recently reading the book, "LLC or Corporation?: How To Choose The Right Form For Your Business" by Anthony Mancuso.

I don't have the book to refer to to give you a more specific answer because I borrowed the book from the local library, but I'm almost positive this question is covered in the section that covers converting an LLC pass-through to a corporation tax arrangement with the IRS.

Here's the book if you decide to check it out. It's a good book:

http://www.amazon.com/gp/product/1413300...

If you don't want to spend the money for this book just to answer one question, I suggest looking for it at your local library.
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