MHP purchased as a C-Corporation

mobile home university
1

I am looking to purchase a MHP which is owned as a C-Corporation. If I discount the asking price based on the double taxation issues with a C-corp., how should I deal with the following issues:

  1. The MHP has depreciated over 400,000. If I convert to an S-corp or LLC, will I have to pay the tax on depreciated assets?

  2. If I convert to an s-corp and hold on to the property 7-10 years, will the depreciation recapture based on this 400,000 not be due or will I pay yearly on the 400,000 (400.000/7years=57,142/year)? I’m assuming I will pay 15% on this 57,142/year.

Thanks