topic Transfer of assets from sole proprietor to corporation in Business & farm

Transfer of assets from sole proprietor to corporation

jfadams52 — Sun, 10 Nov 2019 15:31:11 GMT

Re: Transfer of assets from sole proprietor to corporation

Anonymous_ — Sun, 10 Nov 2019 15:41:40 GMT

Do you have a question regarding such a transfer? You really should seek professional guidance.

Regardless, Section 351(a) of the Internal Revenue Code provides that no gain or loss shall be recognized if property is transferred to a corporation by one or more persons solely in exchange for stock in such corporation and immediately after the exchange such person or persons are in control (as defined in § 368(c)) of the corporation.

See https://www.irs.gov/pub/irs-drop/rr-03-51.pdf

Re: Transfer of assets from sole proprietor to corporation

Critter — Sun, 10 Nov 2019 16:07:45 GMT

If you have never set up a corporation and it's books before I highly recommend you seek professional assistance locally to be educated especially if your sole prop company has poor records.

Re: Transfer of assets from sole proprietor to corporation

Carl — Mon, 11 Nov 2019 00:52:01 GMT

Duplicate post already in discussion at https://ttlc.intuit.com/community/business-taxes/discussion/transfer-of-assets-from-proprietorship-to-s-corp/01/953038#M34512