@orchid6856 ,
(a) A corporation bought a property / asset in 2015 for US$ X -- Basis on the books US$ X
(b) 2022, the corporation was closed --- the property/asset with a basis of US$Y ( depends on the use and FMV at the time of closing of the corp.) was transferred/ sold to the owner of the corp. for FMV The corp books were closed , final return filed
(c) The new owner of the property / Asset wants to dispose of this property ---- gain/loss and of type is the question.
Your holding period starts from the day the transfer of ownership was completed. ---- short term or longterm will determine whether you get ordinary or capital tax treatment. The period the asset was held by the C-Corp does not enter into this picture ( even if you were the owner off the C-Corp.
Your gain / loss is determined based on the acquisition/transfer basis -- generally will be FMV on the date of transfer --- C-Corp would not have sold/ transferred at below FMV ( or the difference would be counted as gift ( ??? ) .
Does this help ?
pk
