Revocation of S-Election
I had a client revoke their S election in mid-2007. I prepared a short-year 1120S for that period that I rolled over from 2006. Here's the rub: I need to prepare a short-period C-Corp. return for the 2nd half of 2007. But, it doesn't look like ProSeries will convert an S-Corporation to a C-Corporation. It'll do it the other way around though.The problem is I have a ton of fixed assets already entered into the system, so I'm fairly motivated to find a solution. Has anybody tried to duplicate the 2006 file of an S-corporation, rename the file extension indicate a C-Corporation and try and roll that into the following year?
