Hi,
I and my wife have a rental property which we used as our residence until 2019 when we transferred it to an LLC S-Crop. We are the only shareholders of that S-corp. At that time the value of the property was $460,000. The mortgage had been paid off by us before the transfer. Therefore, there was no monetary transaction at the time of transfer to LLC S-Corp. Since then, the property has been rented by the LLC S-Corp.
In this case in which of the line in Liabilities and Shareholders' Equity section this liability will go?
Line 17,19,20,22 or 23?
The LLC S-Corp has no liability in paying that asset value to the shareholders.
I would really appreciate the response.
Thank you,
Nurul Islam.
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Line 22 because you should have received shares for the contribution of the rental property.
Line 22 because you should have received shares for the contribution of the rental property.
Thank you so much!
Thank you
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