S corp income tax after paying capital gains?

[Katana8869]

If have an S Corp that i am the 100 percent shareholder in and i sell land which is the only asset in it and i pay the capital gains tax, do i still have to pay an additional income tax on the money when i draw it out of the business? There has been no salary taken previously because there was no cash flow through the business for the last several years. The intention is to close the s corp after this final sale. 

[PatriciaV]

It depends on your remaining basis in the S-Corp, which is calculated on Form 7203. If you have remaining basis of at least as much as the cash you distribute from the S-Corp, this transaction is not taxable. However, if you withdraw funds in excess of your remaining basis, this is transaction may be taxed as ordinary income.