Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

After selling S-corp stock and liquidating the assets, the shareholders still have stock basis. Is this amount deducted from the stock sale price as a capital gain on the personal return?

Rob-inTX
Level 2
 
0 Cheers

This discussion has been locked. New comments cannot be posted on this discussion anymore. Start a new discussion

4 Comments 4
George4Tacks
Level 15

Greetings New User - ,

You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support of the not so professional .

Have a wonderful day!

 


Here's wishing you many Happy Returns
0 Cheers
Rob-inTX
Level 2

Howdy, George4Tacks!

Actually I'm a semi-retired CPA who has never had an S-Corp liquidation scenario in my private practice and just unfamiliar with all the nuances of the asset liquidation and subsequent stock sale. I've had difficulty finding definitive answers in my google searches and would greatly appreciate professional assistance. So thank you for responding!

Have a blessed evening!

0 Cheers
George4Tacks
Level 15

I am a semi-retired EA.  This may answer your question. https://www.fortenberrylaw.com/distributions-s-corporations/

 


Here's wishing you many Happy Returns
Rob-inTX
Level 2

Yes, that was very helpful! Thank you very much for your time and response!

Have a great evening!