Hello!
An individual established an LLC (I believe it is an S-Corp) to purchase the assets of another company that was previously an Inc (also an S-corp). The acquisition occurred in May 2014. I recently received the management prepared FYE 12/31/14 financials of the new entity (LLC) as the tax returns are on extension. Since this was an asset purchase, is the statement that I received only 7-months (i.e. acquisition occurred in May 2014) or would it be a full 12-months?
Your expertise would be greatly appreciated!
An individual established an LLC (I believe it is an S-Corp) to purchase the assets of another company that was previously an Inc (also an S-corp). The acquisition occurred in May 2014. I recently received the management prepared FYE 12/31/14 financials of the new entity (LLC) as the tax returns are on extension. Since this was an asset purchase, is the statement that I received only 7-months (i.e. acquisition occurred in May 2014) or would it be a full 12-months?
Your expertise would be greatly appreciated!