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The S Corporation will need to come up with a buy-out agreement that can take the form of either a redepmtion or a buyout.
The other option might be to divide the business as part of the divorce decree.
A CPA would have to look closer to make sure there wasn't any gain. If the business was an LLC it would be easier to avoid taxation. I'll open the question up as I'm sure some other experts can add to this.
Hey, Horace. Happy New Year! Thank you for your answer.
I'd like to clarify a few things so that there won't be so many variables and you can make it clearer of what I need to do.
Thank you so much for your time and expertise.