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PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4093
Experience:  35 years tax experience, including four years at a Big 4 firm.
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I have a Sub Chapter S Corp which I want to close. The corp.

Customer Question

I have a Sub Chapter S Corp which I want to close. The corp. owns some stock and land. Is their any way to transfer those assets to me personally?
Submitted: 10 months ago.
Category: Tax
Expert:  PDtax replied 10 months ago.

Hi from just answer. I'm PDtax. I will assist.

You can distribute assets out to you any time, either as a distribution or as a liquidating distribution. The second option is a final distribution in exchange for your shares to close out the corp.

Expert:  PDtax replied 10 months ago.

Transfer of the stock just requires an account in your name and a corporate resolution authorizing the transfer that you give to your brokerage. The real property requires a transfer via deed that your attorney can handle.

The assets go out to you at their fair market value, so appraisal is a good idea. Thanks for asking at just answer. Positive feedback is appreciated. I'm PDtax.