This Question is Possibly Answered

1 "correct" answer available (5 pts) 3 "helpful" answers available (4 pts)
Post a new topic
4 Replies Last post: Feb 26, 2009 1:13 PM by dublincpa

Responsilbility for taxes after statutory merger

Feb 24, 2009 3:25 PM

Click to view mirror_nyc's profile Professional mirror_nyc 5 posts since
Nov 11, 2008
A single member LLC (filing schedule C for taxes) was merged into a C-corp in November 2008 in New Jersey (section 368 - type A) . The LLC ceased to exist and the C-Corp was the surviving entity. The C-Corp assumed 100% of the assets and liabilites of the single member LLC. The LLC had only a cash balance as an asset. The LLC and the C-Corp are in the same line of business.

Any ideas on...

Q1 - Whether the 2008 income and expenses for the LLC (from Jan 2008 to November 2008) can be reported entirely thru the C-Corp ?
Q2 - Does the owner of the LLC need to file any tax returns (the LLC was NOT closed BUT merged ) ?

Does the corporation law states that the merger has to be between the entities of the "same type" (e.g. C-corp to C-corp) ??

thank you for any insights...
Report as inappropriate
Click to view LUCKIEST's profile SCORE LUCKIEST 7,912 posts since
Aug 6, 2007
1. Re: Responsilbility for taxes after statutory merger Feb 24, 2009 3:28 PM
Responsibility for taxes

Who are you?? Even a first name?? Go to Members page and share some info

Then I will share some answers. LUCKIEST
Click to view mirror_nyc's profile Professional mirror_nyc 5 posts since
Nov 11, 2008
2. Re: Responsilbility for taxes after statutory merger Feb 24, 2009 3:56 PM
in response to: LUCKIEST
My name is Rajiv.

Thanks in advance for your help.
Click to view mirror_nyc's profile Professional mirror_nyc 5 posts since
Nov 11, 2008
3. Re: Responsilbility for taxes after statutory merger Feb 26, 2009 10:42 AM
in response to: LUCKIEST
LUCKIEST, would you like to provide any inputs ?
Click to view dublincpa's profile Mogul dublincpa 165 posts since
Jan 29, 2008
4. Re: Responsilbility for taxes after statutory merger Feb 26, 2009 1:13 PM
in response to: mirror_nyc
Email me with details and I will help walk you through it.