sjrcpa
Level 15
07-21-2021
03:38 PM
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"They are looking to sell some of it '
So liquidation with distribution of remaining land as a deemed sale at FMV does not seem attractive. Might not be enough cash to pay the tax.
Also, S Corp election is not attractive since they want to sell some of the land now which would trigger BIG tax.
I think Jeff (IRonMaN) has it right.
Ex-AllStar