If a company wants to convert from an S to a C so that the owner/seller can make a 1042 election, will the owner have to then wait three years to meet that holding requirement of 1042? Or does their ownership of the S stock (assuming for three years) tack over?
I could have sworn that the ownership "tacks" but I can't find much support out there. If anyone has some support, I would appreciate it.
Thanks!