Welcome Guest. Register Now!  

LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 12-20-2008, 12:53 AM
Junior Member
Join Date: Dec 2008
Posts: 1
Dissolution of S corp

Ex wife and I have s - corp that owns 3 pieces of property bought for 476,000 with a fair market value roughly of 210,000 currently due to down turn in market.

S - corp has to be dissolved due to divorce. We had a huge profit in 2008...400,000. She has sabbotage business over last 8 months and canceled our last job leaving us with no jobs for 2009. Since we can not work together...We wish to dissolve the company asap file paperwork of dissolution before end of year.

We can not sell the property due to the market and are going to be forced to transfer the property to ourselves. Our accountant says that if we file the paperwork and transfer the property within the next 3 months or so that we should be able to take the fair market value of the property...transfer it to ourselves and take a loss in 2008 even if we do not get to transfer property until 2009. I thought we had to dissolve and transfer property before 2008 if we want to take advantage of the loss in 2008.

Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
How does a taxpayer report a Corporate Dissolution or Liquidation? TaxGuru C-Corporation 0 11-06-2008 01:25 AM
S-corp dissolution procedure solarstorm24 S-Corporation 0 11-01-2008 10:24 AM
How does one convert from C Corp to S Corp? Leah S-Corporation 1 01-23-2007 12:33 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 » Income
 » IRA/Sep
 » Medical
 » Payroll
Forum for CPAs
Financial Planning

» Recent Tax Q&A
No Threads to Display.