Selling off S Corp Department? Hello Everyone.
I would like to know how to report selling off a part of your business? If I have an S Corporation that handles business insurance and personal insurance, and I realize that the personal insurance is really not bringing me income, how do I handle selling that part off? Is it considered setting an asset? or a part ownership? How do i report this and how does this affect my taxes? Please advise. Thanks and have a great day.
Rosa |