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Sales of C Corporation assets

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Level 1

Taxpayer owns 2 established corporations. Received a good offer and sold the assets of one corporation and with the money remodel his other C corporation. Does he still have to pay the caiptal gain and drawing the money he has to pay again as dividend distribution or is there an IRS code at least to defer the gain since he is the sole shareholder of both corporations

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2 Replies 2
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Level 14

Sale of assets is taxable to C Corp. Dividends to shareholder are taxable to shareholder.

There is no exception.


ex-AllStar
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Level 14

How do you remodel a corporation?


ex-AllStar