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S Corp officers passed away???
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Brainstrom
Level 4
01-25-2024
11:07 AM
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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!!
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1 Comment 1
TaxGuyBill
Level 15
01-25-2024
11:16 AM
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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.
