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Level 3

Transfer of assets from sole proprietor to corporation

 
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Level 20

Transfer of assets from sole proprietor to corporation

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

Level 20

Transfer of assets from sole proprietor to 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. 

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Level 20

Transfer of assets from sole proprietor to corporation