Corp Business Rental sold back to Owners and sold/ What entries are necessary when done mid year

[PatriciaV]

The transfer of the rental property to the shareholders would be recorded as a distribution. The payment for the property by the shareholders would be considered a contribution. 

If the sale of the property to a third party occurred after the transfer to the shareholders, this would be reported on the shareholders personal tax return. 

If this activity resulted in the closure of the business, the tax return would be marked final. Depending on the date of closure, this could result in a short tax year. TurboTax Business will assist you in reporting these transactions accurately.

However, this is a complex situation, and you may consider upgrading to TurboTax Live, an online service provides step-by-step guidance from a tax expert whenever you need assistance, either over the phone or by screensharing.