1374 election language

[schirallicpa]

1374 being when we transfer assets to a corp tax free, presumably, there needs to be an attachment somewhere that says were electing this. I don't find on the handy elections form, but I'm wondering if there is some standard lingo that someone has contrived.

Thanks for any input.

[kcjenkins]

§1374 has to do with the transfer of assets from a C corp to an S corp. and the BIG taxes. If you have an individual who is merely starting an S corp, and contributing assets to it at his basis, §1374 does not apply. So we need more detail, please.