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Answered in 8 minutes by:
9/6/2013
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16,632
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
VerifiedMyVirtualCPA : Thanks for your question and thanks for requesting me
MyVirtualCPA : yes, you will have to show a transfer of assets from one corp to the other
MyVirtualCPA :
Generally you can structure the transfer so that there are no tax implications. The transferred assets will have the same basis as they did in the old corporation
MyVirtualCPA :
You need to make sure that no consideration is given so this is not a deemed sale
JACUSTOMER-6xwc7841- : How do I show the transfer?
MyVirtualCPA : You dissolve the old corporation and then bring the assets over at book value.
MyVirtualCPA : You do a corporate dissolution and then a section 351 transfer in
MyVirtualCPA : If you don't dissolve the CA corp, you will continue to pay a franchise tax of $800 annually
MyVirtualCPA :
Or, you could do a statutory merger, where the old CA corporation ceases to exist and becomes a part of the new Nevada corporation.
MyVirtualCPA :
This means the assets of the CA corp become the assets of the NV corporation, the CA corporation dissolves and the NV corporation continues on
MyVirtualCPA :
Do you have any further questions about that? If so, please chime in and ask.
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