i am involved in a corp c-it is still operating as a bldg. supply-i just want to walk away-what steps should i take concerning irs
walk away
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I am a stock holder 43%, the other stock holders have put much more money in business than me, especially when economy went bad & so many failed to pay, so i am willing to just let them have it
any information would be very much appreciatedComment
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The S corp need to do a valuation of your holding and then the remaining shareholders buy that from you and a final K1 is issued. If you just give that away without any consideration, it may trigger gift tax issues depending on the value.Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDRComment
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Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDRComment
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I am assuming OP still has shareholder basis? I have never heard of a liquidation without some sort of valuation to establish basis etc. It is up to the Cor. what they want to do but I would NOT touch it with a 10 foot pole without a valuation. Too much risk upon audit.Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDRComment
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