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Can you close an 1120S corporation and still have the

Can you close an...

Can you close an 1120S corporation and still have the benefits of a 1033 exchange pass through to the shareholders?

Lawyer's Assistant: What state are you in? And have you consulted a local attorney?

California: no

Lawyer's Assistant: Was this discussed with a manager or HR? Or with a lawyer?

No

Lawyer's Assistant: Is the workplace "at will" or union? Is the job hourly or salaried?

At will

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Answered in 1 hour by:
11/11/2017
WiseOwl58
WiseOwl58, Attorney
Category: Business Law
Satisfied Customers: 4,183
Experience: Senior Associate at White & Case LLP
Verified

The 1120S is the name of the tax return form that you use. It is an S corporation, and the stockholders receive the benefits due to the corporation individually, so yes, the individual stockholders would receive the benefit of the 1031 exchange when you dissolve the S-corp.

Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

WiseOwl58
WiseOwl58, Attorney
Category: Business Law
Satisfied Customers: 4,183
Experience: Senior Associate at White & Case LLP
Verified
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Category: Business Law
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