FlowThrough Entity Tax Payment Benefit?

Technical topics regarding tax preparation.
#1
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3
Joined:
2-Apr-2018 3:17pm
Location:
Frisco TX
IRS conducted 2013 and 2014 audits of taxpayer, his spouse and their partnership. On 1/1/2015 taxpayer's company elected to be a S-Corporation which caused additional 2014 tax because the partnership had negative capital accounts. The taxpayer concluded the audit process, agreed to amounts determined in Appeals and paid the tax, penalty and interest in 2017. Does the taxpayer get any benefit from the payments in 2017 (other than the deductible interest)?
 

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