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I have a Sub Chapter S Corp which I want to close. The corp.

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owns some stock and land...
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: 2 years ago.Category: Tax
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1/17/2016
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 2 years ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,061
Experience: 35 years tax experience, including four years at a Big 4 firm.
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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.

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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 2 years 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.

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