Solved: If 100% shareholder of S corporation died on December 31st, should I change ownership on 2017 tax return?
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If 100% shareholder of S corporation died on December 31st, should I change ownership on 2017 tax return?

When I check "last year this shareholder owned shares" TurboTax tells me that I don't have a shareholder at the end of year. When I enter the trust (which now owns the shares) in as a shareholder, TurboTax won't let me enter December 31st as the date of ownership change.

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If 100% shareholder of S corporation died on December 31st, should I change ownership on 2017 tax return?

Since the owner died on the last day of the tax year, you would not report the change of ownership until the following year. It's unlikely that any legal transfer of ownership occurred until the next year.

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Level 7

If 100% shareholder of S corporation died on December 31st, should I change ownership on 2017 tax return?

Since the owner died on the last day of the tax year, you would not report the change of ownership until the following year. It's unlikely that any legal transfer of ownership occurred until the next year.

View solution in original post

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