I have inherited non-US foreign corporation shares from my father, and then exited it (and got a payout). Do I pay tax on it, and if yes - which form to use? Thanks.

[V-V]

The inherited shares were less than 50% of the corporation (my part was 1/3 of total company shares). I was elected co-director of company, along with other 2 co-directors, none of us had direct executive rights (all decisions had to be taken unanimously by all co-directors together). I have decided to exit the corporation, and settlement was reached with other two co-members (co-directors), for a payout to me, based on the fair market value of the shares. My exit was completed in March 2021

[Vanessa A]

Yes, you will pay taxes on it.  You will enter it as a sale of investment property. To enter the sale click the following:

• Federal
• Income
• Show More next to Investment Income
• Start next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other
• Select Other
• Walk through and answer the questions.  You will be asked how you received this investment.  You will select Inherited, then enter the rest of the information. 

[V-V]

Ok, understood, thank you very much for your answer!