Purchase & Sale Purchasing an Illinois S Corp by a Florida LLC- best way to do it?

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Daisy1222

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Hi, We are an LLC in Florida looking to purchase an S Corp in Illinois and trying to take advantage of the tax benefits for the seller of a "stock sale" and an "asset sale" for the purchaser. I have seen where an Election 338 can be taken by both parties, however, that is for Federal taxes and not state taxes. Can anyone give some advice on the best way to do this without the complications of an additional entity? Thank you.
 
Someone here may come along & be able to answer your question. Otherwise, this is something you might want to run by an attorney.
 
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