Transfer of assets from sole proprietor to corporation

[tagteam]

Do you have a question regarding such a transfer? You really should seek professional guidance.

Regardless, Section 351(a) of the Internal Revenue Code provides that no gain or loss shall be recognized if property is transferred to a corporation by one or more persons solely in exchange for stock in such corporation and immediately after the exchange such person or persons are in control (as defined in § 368(c)) of the corporation.

See https://www.irs.gov/pub/irs-drop/rr-03-51.pdf

[Critter]

If you have never set up a corporation and it's books before  I highly recommend you seek professional assistance locally to be educated  especially if your sole prop company has poor records. 

[Carl]

Duplicate post already in discussion at https://ttlc.intuit.com/community/business-taxes/discussion/transfer-of-assets-from-proprietorship-t...