Deferred Income Taxes, s corp conversion and subsequent revocation

I have been doing some research on what happens to deferred income taxes when a c corp converts to an s corp. I found the codification standard that states the asset/liability must be reversed in the current year income tax provision on the income statement. My question is what happens to the deferred income taxes (asset or liability) if the S corp status was subsequently revoked say within 2 years (involuntarily or voluntarily). I am not at all familiar with taxes so any guidance would be helpful and appreciated :). Thanks

deferred taxes income

asked 19 Oct '11, 14:42

Widget Woman
1●1
accept rate: 0%

Be the first one to answer this question!

toggle preview

Follow this question

By Email:

Once you sign in you will be able to subscribe for any updates here

By RSS:

Answers

Answers and Comments

Markdown Basics

*italic* or _italic_
**bold** or __bold__
link:[text](http://url.com/ "title")
image?![alt text](/path/img.jpg "title")
numbered list: 1. Foo 2. Bar
to add a line break simply add two spaces to where you would like the new line to be.
basic HTML tags are also supported

learn more about Markdown