Death of S-Corp Shareholder

[taxladyworking]

Sole S-Corp shareholder passed in August of 2023 and in his will, he named his son as 100% beneficiary of the company. While the will was going through probate the son filed for an EIN for the father's estate and opened a checking account under the EIN. The son did not wish to continue the company and elected to dissolve the corporation as of the end of 2023.

I know that the father will be listed as a shareholder through the date of death and all income for that time period will pass through on a K-1 in his name, but is it the estate or the son who will be listed as the shareholder for the period after death through the end of the year? The operations of the business after the passing of the father were merely to collect outstanding Account Receivables owed. Any help is appreciated.

[sjrcpa]

The estate, unless and until the shares were transferred to the son.

[taxladyworking]

Since the probate process has not wrapped up, I will list the estate as the other shareholder. The S-Corp has filed for dissolution and will file a final return for 2023.

Another question is that if there was an estate checking account set up under its EIN and the sale of the assets from the S-corp were deposited into the estate checking instead of the S-corp checking then how do you reflect their sale so the assets can be removed from the S-Corp return?  Also, the son transferred all monies with the exception of $300 into the estate checking account so would this be reflected as a Distibution by the estate on the K-1? My thoughts were to reflect only the income from Receivables and sales that were done through the company and deposited into the S-Corp checking on the final tax return for the company. I would assume that the estates return would reflect all business transactions that went into and out of the estate checking account on the Form 1041. Any advice is appreciated.