Question
How to report selling Business under S crop
A client selling the business but not the S corp (not the shares). so the S corp will be closed after the process is done. no assets or real estate were sold.
does that also go under form 4797 "sales of busniess property"? if yes, we just want to make sure what section will be under, is it section 1231 and it will show on K-1 Line 9?
