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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 6179
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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I have a corporation of which I own 100%. I have a company

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I have a corporation of which I own 100%. I have a company that wants to buy the company but they do not want the buildings just the inventory and equipment. Since I own the company completly. How can I separate it so I own the buildings and still sell 100% of the stock?

Stephen G :

Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything that is not clear.

Stephen G :

Is the title to the property in the corporation?

Stephen G :

Is this a regular "C" corp or an S-Corp?

Customer:

It is a C corp

Customer:

The taxes paid in the name of the corporation but I do not know about the title. I would have to say yes.

Stephen G :

What are you going to do with the building? ie. Is the business going to continue in the same place?

Customer:

No the business is going to be moved and I would still own the building

Stephen G :

Well you basically have two options:

Stephen G :

1. You can due a partial liquidation of the corporation and distribute the building, land, etc. to you. The only tax that could generate would be if you have retained earnings in the C corporation.................OR

Stephen G :

2. You could have the corporation sell the business assets to the buyer and keep the corporation alive to continue holding the property.

Customer:

Then when I sell the property do I have to sell it like it is the rest of the coropration.

Stephen G :

The first thing you should do is to get a local CPA involved (possibly you already have one for tax filings) and he or she would have to analyze all the figures; re your corporation & the proposed offer and determine what the best alternative is.

Customer:

Ok that is what I needed to know. Thanks

Stephen G :

It is impossible to do that in this forum as what to do depends upon a number of different factors.

Stephen G. and 2 other Tax Specialists are ready to help you

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