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If C-Corp dissolves and transfers assets to shareholders is it a taxable event?

Level 1

C-Corp owns land and a house in New York. Basis is $100,000 and fair market value is $150,000. If shareholders dissolve the Corp and transfer assets to themselves, can it be done without creating a taxable event ?

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Level 15

No.  The property is treated like it was sold for the FMV.

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Level 15