@devon-vereen42-g wrote:
We want to confirm that no taxes are due on the sale to shareholders since we are NOT distributing the cash.
It makes no difference whether or not cash is being distributed to shareholders.
The only issue is whether or not there is a gain on the sale of the land (1.5 acres), that was sold. If there was a gain, each shareholder will be issued a K-1 and will report their share of that gain on their individual income tax returns.
