One of the officers in a S Corp passed in July 2023. My first thoughts is I would be able to put in the date of death and the shares would allocate the remaining 5 months of profit to the remaining officer. I would take the first 7 months of income and run that through the Estate trust. But my thinking must be wrong, this is a first for me. Any help is greatly appreciated on how to move forward!!
First part of the year belonged to individual person, not the Estate.
The second part of the year belonged to wherever the ownership went - if there wasn't a direct beneficiary, it belongs to the Estate.
It does not affect the other shareholder, unless that other shareholder was a direct beneficiary of the stock.
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