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.
Is the title to the property in the corporation?
Is this a regular "C" corp or an S-Corp?
It is a C corp
The taxes paid in the name of the corporation but I do not know about the title. I would have to say yes.
What are you going to do with the building? ie. Is the business going to continue in the same place?
No the business is going to be moved and I would still own the building
Well you basically have two options:
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
2. You could have the corporation sell the business assets to the buyer and keep the corporation alive to continue holding the property.
Then when I sell the property do I have to sell it like it is the rest of the coropration.
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.
Ok that is what I needed to know. Thanks
It is impossible to do that in this forum as what to do depends upon a number of different factors.