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aahelper1
Level 3
December 20, 2023
Solved

Sales of a S-corporation

  • December 20, 2023
  • 1 reply
  • 20 views

Dear All, 

Happy holidays everyone!

When I report the business sales of a s-corporation, on the final k-1s, do I need to take the shareholders basis into account when I report the gain and loss?

Thank you so much for your help!

 

Sylvia

This topic has been closed for replies.
Best answer by IRonMaN

Sale of business assets - no.

 

1 reply

IRonMaN
IRonMaNAnswer
Level 15
December 20, 2023

Sale of business assets - no.

 

Slava Ukraini!
    A
    aahelper1Author
    Level 3
    December 21, 2023

    Thank you so much for your replied.  They sold the business, and it will be their final K-1.

      abctax55
      abctax55
      Level 15
      December 21, 2023

      Sold the business meaning:

      1) sold the assets?

      or

      2) sold the stock?

      Different treatment depending on which one....

       

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