sjrcpa
Level 15
12-07-2019
03:25 AM
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The gift is FMV less $10. Son's initial basis in the syock is $10 + 49% of father's basis.
In the S Corp, enter the change of ownership -dates and percents so the K-1s show income/loss on a per share per day basis. Read the gift tax return instructions - you'll probably be attaching the valuation report.
On the Balance Sheet there is only 1 equity account.
Too late for 83(b) election and probably not applicable. Below market transfers between family members reek of gift..
Son has no reporting due to acquiring shares.
Ex-AllStar
In the S Corp, enter the change of ownership -dates and percents so the K-1s show income/loss on a per share per day basis. Read the gift tax return instructions - you'll probably be attaching the valuation report.
On the Balance Sheet there is only 1 equity account.
Too late for 83(b) election and probably not applicable. Below market transfers between family members reek of gift..
Son has no reporting due to acquiring shares.
Ex-AllStar