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dgoodwin2
New Member

If was self employed and change to S corp. How do I show everything coming to S Corp

I filed 2023 as self employed and start 1/1/2024 S Corp, how do I show transfer of Fixed assets, inventory?
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PatriciaV
Expert Alumni

If was self employed and change to S corp. How do I show everything coming to S Corp

All the assets of the new company are considered to be contributions from the shareholder(s). If you have only one shareholder, then the total becomes your basis in the S-Corp (first purchase of stock). 

 

If you need to include a balance sheet, the assets and inventory would be in the Assets portion and your stock/paid-in capital under Equity.

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