Level 2

After selling S-corp stock and liquidating the assets, the shareholders still have stock basis. Is this amount deducted from the stock sale price as a capital gain on the personal return?

Forum|Forum|5 years ago
March 8, 2021
1 reply
6 views

No text available

This topic has been closed for replies.

Level 15

Greetings New User - ,

You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support of the not so professional .

Have a wonderful day!

Answers are easy. Questions are hard!

R

Rob-inTXAuthor

Level 2

Howdy, George4Tacks!

Actually I'm a semi-retired CPA who has never had an S-Corp liquidation scenario in my private practice and just unfamiliar with all the nuances of the asset liquidation and subsequent stock sale. I've had difficulty finding definitive answers in my google searches and would greatly appreciate professional assistance. So thank you for responding!

Have a blessed evening!

George4Tacks

Level 15

I am a semi-retired EA. This may answer your question. https://www.fortenberrylaw.com/distributions-s-corporations/

Answers are easy. Questions are hard!

Sign up

Login with SSO

Let's get you signed in

Login with SSO

Scanning file for viruses.

This file cannot be downloaded