I have a client waiting on K-1 for S-Corp that's final year was 2019.  My client (husband and wife) are the only shareholders left in what once was a family owned business.  The tax firm (which has had this S-Corp since clients parents formed it) preparing return says they must pay tax on the difference of current FMV of land and original cost shown in S-Corp.   I've not had experience with dissolving a corporation but I don't think this is accurate.  Why wouldn't the land just have a deed transfer from corporation to the shareholder?    Sorry I don't have lots of details that may be needed.  Any help will be appreciated.