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Level 2
posted Mar 20, 2023 8:27:16 AM

Re: Schedule K-1 Form 1120-S

No, he inherited his shares many years ago when his aunt passed away. He's been receiving a K-1 all these years with an entry in Box 2 for the land rental. He didn't personally liquidate his interest in the S corporation. All the assets were sold, the proceeds distributed to the shareholders, and the corporation dissolved.

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