C Corp tax return after stock purchase

creativeblockllc
creativeblockllc Newcomer
in Filing my taxes

I purchased a 100% C Corp stock in August 2024. (I'm an individual.) The previous owner (Corporation) was filing a consolidated return. The C Corp which I just purchased was one of the previous owner's subsidiary corporations. So, I couldn't get a copy of 2023 tax return. Questions below.

  • In this case, how can I report the beginning balance for the 2024 tax balance sheet?
  • Should I report for the full year tax return and pay full taxes (or loss carryover)?
  • Or, should I report the short-year return with no beginning balance?
  • Is there any way I can get a tax return transcript for prior year even though the previous owner filed a consolidated return?

Thank you.

Answers

  • KristineS
    KristineS image

    Hi creativeblockllc,

    Thanks for writing in with your question.

    FreeTaxUSA provides support and guidance for personal income tax preparation so we won't be able to offer assistance on specifics of a C-Corp purchase, filings, etc., as that's outside the scope of our services. You may need to use a different software provider or consider paid professional help.

    We do however welcome our Community members that may have knowledge to share in this area or offer their reply.

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