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, my dad has a S-corp, he wants to liquidate the

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Customer: my dad has a S-corp, he wants to liquidate the company and pay the capital gains on it. I would like the shell of the company and for him not dissolve the shell. Can he do a full liquidation, but not dissolve the firm?
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Answered in 19 minutes by:
12/23/2015
Tax Professional: Lev, Tax Advisor replied 2 years ago
Lev
Lev, Tax Advisor
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In this case "liquidation" woudl mean dissolution of S-corporation.
For tax purposes - that is treated as selling shares. The selling price is the value of assets distributed to shareholders upon dissolution - that is so-called liquidating distribution. If there is nothing to distribute - the selling price assumed as zero.

If you want to take over that S-corporation - you may simply purchase shares.

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Tax Professional: Lev, Tax Advisor replied 2 years ago

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Tax Professional: Lev, Tax Advisor replied 2 years ago

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