Client is a C corporation commission based business. They are negotiating to purchase a similar business (S corp) using a 338(h)(10) transaction. They have the terms just about fixed (both parties want to get this done). Does the purchaser need to set up a new corporation to consummate the transaction, or can they use the C corp as the buyer? I'm reading some items that talk about setting up a new entity, but other say that's not required. Would rather just use the C corp as the buyer.