Thank you so much for writing all that out. It helps a great deal.
I'm trying now to digest it all. Yes, we have a professional tax preparer helping but I don't know. Seems even tax professional differ on the correct answer. I need the "hands up in the air" emoji.
It seems our professional wants to hand the S-Corp off to us, the Sole Proprietor, because that's what the S-Corp became in the end one sole person (all the other shareholders left) so we can finish the depreciation and sell/dispose of the remaining inventory.
But the correct way seems, the S-Corp stopped on a point of time, everything at that point needs to be valued, gains need to recognized or assets abandoned, no losses can be taken, and then re-acquired by the Sole Proprietor.
Yeah, just trying to figure it out. I don't know how you do this everyday!
Thank you!!!!!!
