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Loren
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A C corp stockholder owns 100% of the stock in a company.

Customer Question

A C corp stockholder owns 100% of the stock in a company. The company's only business is to lease out one building and the land it sits on. The stockholder wants to dissolve the business and continue to rent the building and land and report it on the schedule C. For corporate tax purposes, how is it treated? Also, I just found out the land is in the individuals personal name, and not the business name
Submitted: 1 year ago.
Category: Legal
Expert:  Loren replied 1 year ago.
Thank you for using JustAnswer. I am Loren, a licensed attorney, and I will do whatever I can to answer your question and provide excellent service.

Since the property is already in the shareholder's name, all that is required is an assignment of the lease from the corporation to the shareholder.

To avoid being accused of acting as an alter ego of the corporation and subject to piercing the corporate veil the shareholder and corporation may want to prepare and record quitclaim deeds to and from each other covering the relevant periods. Before that is done, though, the shareholder may want to have the transactions reviewed by tax counsel to confirm that they are not generating gains which could be subject to taxation.

I hope this is helpful. If you have more follow up questions please let me know. It is never a problem.

Thank you.

Loren
Loren, Attorney
Category: Legal
Satisfied Customers: 21396
Experience: 30 years experience representing clients.
Loren and 5 other Legal Specialists are ready to help you
Expert:  Loren replied 1 year ago.
Thank you for your positive rating of my service to you and your generous bonus. Let me know if you need more help or have future questions. I will be here for you. Just ask for me by name at the start of your question - "Loren" or use the following link (which you can bookmark in your browser):  http://www.justanswer.com/law/expert-Loren/
          

Best wishes and good luck to you.

If it is not too much trouble, Lori, when you receive a Customer Satisfaction Survey from JA/Pearl in a day or two, please consider rating me highly (9 or 10). It affects my ability to continue to assist you and other customers on JA/Pearl and would be most appreciated.  

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