I was a 50% owner of a S Corporation.
I sold my 50% to someone interested in taking over my part of the business.
The business is still in operation.
The transaction was pretty straight forward. For X amount of dollars, I sold my S Corp shares and he took over my position at the company. When leaving I considered non of the funds in the company account to be mine. There was inventory and some equipment that the company owned but the money I received included transfer of this ownership to the new owner.
Want to be IRS Compliant are report correctly
