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P
PDS
Level 2
April 19, 2020
Question

sale of an s corp

  • April 19, 2020
  • 2 replies
  • 11 views

do I have to show the sale of the s corp in the basis or enter as other income or something else? 

This topic has been closed for replies.

2 replies

T
TaxGuyBill
Level 15
April 19, 2020

What EXACTLY was sold?  

  1. Did the shareholder sell the corporate stock?
  2. Did the corporation sell its assets?  If so, what kind of assets?
  3. Something else?
    P
    PDSAuthor
    Level 2
    April 19, 2020

    Hello, 

    Looking at the settlement statement from the lawyer I would say it was the assets of this business that were sold.  They bought the name and all of the assets, which were those of a take out restaurant.  Do I show the sale of each asset?  Then this will show a capital gain or loss on the K1? 

      abctax55
      abctax55
      Level 15
      April 19, 2020

      Sch D and/or F 4797, depending on the answers to Bill's (excellent) questions.

      And yep, basis should be considered unless you want to really short-change your client.

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