Sale Of Corp

[Unregistered]

Four siblings inherit family business.(s-corp). Siblings sell business(building & contents)
How is this sale reported. Any corp return required?

[Matt Sova]

What did they sell?

If they sold the stock in the S-Corp (which is what they inherited) and it was sold shortly after inheriting then the gain would be 0 due to the step up in basis. However, it appears from your post that they sold the assets of the S-Corp. This sale should be reported on the final S-Corp return, reporting the entire gain, and K-1's produced for each shareholder for their share of the gain on the sale.