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You bring up some very good points. It was all land but thank you for bringing up other things to consider.
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The problem is that the land was distributed to the sons from a trust. The sons are selling it to a sub-S corp in which they are all shareholders. That is why t...
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The distribution from the trust was a credit trust. Dad died years ago and Mom died in 2021. The distribution of the farm land was made to the sons who all are ...
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They did not receive any payments (interest or principal)
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I've asked for a settlement sheet but the client does not have one. That is why I called the law firm that prepared the 1099-S and confirmed with them there was...
