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- How to report selling Business under S crop
How to report selling Business under S crop
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TaxPrep1
Level 2
03-21-2023
09:34 PM
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A client selling the business but not the S corp (not the shares). so the S corp will be closed after the process is done. no assets or real estate were sold.
does that also go under form 4797 "sales of busniess property"? if yes, we just want to make sure what section will be under, is it section 1231 and it will show on K-1 Line 9?
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jeffmcpa2010
Level 11
03-21-2023
09:42 PM
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If they didn't sell Shares, Assets or Real estate, what exactly would there have been to sell?
TaxPrep1
Level 2
03-21-2023
10:05 PM
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I understand the confusion. the other tax office was not clear about the the process of the selling and the balance sheet looks un organized. after doing some adjustments. it shows that it was a sale of intangible assets with accumulated amortization.
