frank2236
Level 2
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Building bought about 10 years ago and put into S-corp against my advice.  About a year ago sole shareholder paid off the mortgage and began collecting rent from the S-Corp (saying she was now the owner).  How do I transfer the building to the shareholder without triggering a tax.  Can I just record a distribution of an amount equal to basis? Must any such distribution be at market value? Must it be a purchase a current market value?

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