Question: 1023 PTA conversion - treat "past/previous" questions as if we didn't exist?

We are converting from a PTA to a PTO. So for the entire application, do we treat all questions as if we did not previously exist? I understand the idea of using past financial information to base the answers to the projected income questions...but otherwise we should not include any information regarding our history? Thanks for your help! I just finished reading the Startup Toolkit, it appears that it will be very helpful!

Asked by kvgksg

Answers:

Advice from PTO Today

Craig writes:
In a legal sense you're closing your PTA and you're starting a PTO. Our understanding from the IRS is that you should treat your application like the PTO is a new organization. A comparison might be selling a business, then starting a new business of the same type. Your financial records from the old business would have no legal connection to the new business.