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