

Conversion from s-corporation to c-corporation mid-year.
When it comes to taxation purposes, all corporations are taxed as an s-corporation or c-corporation. S-corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. Shareholders of S-corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. This allows S-corporations to avoid double taxation on co