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If C-Corp dissolves and transfers assets to shareholders is it a taxable event?

jfjefts
Level 3

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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2 Comments 2
IRonMaN
Level 15

No.  The property is treated like it was sold for the FMV.


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sjrcpa
Level 15

Deleted

The more I know, the more I don't know.