Our S-Corp closed and all that was left was some assets that were near their depreciation life, almost useless and some old inventory that will probably just be sold off at a low price, far below cost.
You'll need to sign in or create an account to connect with an expert.
You essentially have a deemed sale by the corporation.
@Rick19744 is excellent at explaining the details of these transactions.
Thanks!
As noted by @tagteam , property distributions from an S corporation are treated as if there was a sale of the property at FMV.
Thank you so much for this response! For much of today I thought I was going insane over this!
Do you know how to find professional help that even understands this? I called a few people today, tax consultants, and no luck. I'm not even sure they knew what Special Depreciation is. I want to call an attorney but then I'm not sure he/she will understand how to report on the actual tax return.
I'm going to print out what you wrote and have written in other discussions and show it to "someone". It will be the guideline.
I would suggest contacting your state's CPA society or BAR association for referrals. Tell them you're looking for a pro to handle the final return for an S-corporation that has been liquidated. the assets of the corp were distributed to the stockholders. when calling referrals, I would suggest you get quotes because pros are not cheap.
if they don't know what special depreciation is hang up and try another.
You can try contacting an enrolled agent in your area,
See https://taxexperts.naea.org/listing/service/corporations
If you would rather use an attorney, find one that specializes in taxation.
See https://www.avvo.com/tax-lawyer.html
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
mooney1234
New Member
moscosamykaill
New Member
momosi051
New Member
vb2100
New Member
Hardway
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.