Again, thanks Tom for a clear explanation and reminders to us that don't see these kind of transactions enough to go by memory. Also I liked the caveat at the end of the piece about the personal use property. It would be a shame if this were overlooked. What should be the considerations if the property were converted from personal use property to business property say a year and half later?
Thank you for this timely post. I just had a client contact me yesterday about dissolving their S Corp. It’s been a long time since I’ve done a dissolution. I did all my research yesterday and this reinforces what I thought I knew! Only a few assets in the corp and enough basis to cover distribution to shareholders.
Thanks Tom. That’s why I advise my clients not to put appreciating property intheir corporations - can be very costly 😊
Again, thanks Tom for a clear explanation and reminders to us that don't see these kind of transactions enough to go by memory. Also I liked the caveat at the end of the piece about the personal use property. It would be a shame if this were overlooked. What should be the considerations if the property were converted from personal use property to business property say a year and half later?
Thank you for this timely post. I just had a client contact me yesterday about dissolving their S Corp. It’s been a long time since I’ve done a dissolution. I did all my research yesterday and this reinforces what I thought I knew! Only a few assets in the corp and enough basis to cover distribution to shareholders.