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I am 84 years of age - hearing impaired and the sole owner,

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I am 84 years...

I am 84 years of age - hearing impaired and the sole owner, director and president of an S Corporation, with mo employees. I would like to dissolve this corporation and transfer the assets to my Trust.

Accountant's Assistant: The Expert will know how to help. Please tell me more, so we can help you best.

Could you advise me accordingly - thank you very much Sigmund Lichter

Accountant's Assistant: Is there anything else the Expert should be aware of?

Not that I remember

Submitted: 11 months ago.Category: Tax
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Customer reply replied 11 months ago
Thank you.
Answered in 6 minutes by:
9/21/2017
Tax Professional: Lev, Tax Advisor replied 11 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,337
Experience: Taxes, Immigration, Labor Relations
Verified

I see several options.
First - you may dissolve the entity for which you elected S-corportaion tax treatment - in this case you will file a final tax return for S-corporation, final K1 fro shareholders and all remaining assets will be distributed to shareholders at their Fair marker values (FMV)

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Tax Professional: Lev, Tax Advisor replied 11 months ago

As you are the sole owner - all assets will be distributed to you personally - and then - you may transfer them to the trust.
Another option - not to dissolve the entity - whatever entity you have - an LLC or a corporation as registered on the state level - but change the tax treatment from S-corportaion to default - and transfer THAT entity to the trust.

For instance - if you have an LLC - the ownership will be transferred to the trust and the trust will own that LLC.

Please elaborate.

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