jfjefts
Level 3
02-09-2021
12:04 PM
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C-Corp owns land and a house in New York. Basis is $100,000 and fair market value is $150,000. If shareholders dissolve the Corp and transfer assets to themselves, can it be done without creating a taxable event ?
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IRonMaN
Level 15
02-09-2021
12:08 PM
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No. The property is treated like it was sold for the FMV.
Slava Ukraini!
sjrcpa
Level 15
02-09-2021
12:15 PM
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The more I know the more I don’t know.