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absndiana
Level 1
December 7, 2019
Solved

Client is an S-Corp that owns a mobile home park in CA. Sold park and dissolved the corp. CA Return shows gain on the sale of the assets and taxes the corp. Why?

More details:  The K-1s are also showing the gain on sale of the assets as taxable to the shareholders.  I'm just confused on why the 100S is showing a taxable gain to the corporation for the sale as well as the shareholders.

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sjrcpa
sjrcpaAnswer
Level 15
December 7, 2019

CA S Corps pay tax. 1.5% I think - CA preparers correct me if I'm wrong.. Then the shareholders also get taxed on the K-1 income.

The more I know the more I don’t know.
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sjrcpa
sjrcpaAnswer
Level 15
December 7, 2019

CA S Corps pay tax. 1.5% I think - CA preparers correct me if I'm wrong.. Then the shareholders also get taxed on the K-1 income.

The more I know the more I don’t know.
Marc-TaxMan
Level 7
December 7, 2019
on the GROSS!!!
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