Tax planning for husband and wife: They own an S corp for over 20 years, they want the husband to be a 100% shareholder starting with 2021 tax filing. Does the shareholder basis of the wife transfer to the husband upon the transfer of her shares to him or do they lose the accumulated basis from the wife?
Excellent summary sir
Tax planning for husband and wife: They own an S corp for over 20 years, they want the husband to be a 100% shareholder starting with 2021 tax filing. Does the shareholder basis of the wife transfer to the husband upon the transfer of her shares to him or do they lose the accumulated basis from the wife?