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Taxability and reporting sales of Corp assets?
Have a small S Corp.
Will be closing the company and selling off the assets (customer list, furniture, goodwill, phone numbers, website, company name, etc). Basically whoever buys would get a turnkey business but not selling the Corporation shares.
How do I properly report the sales of these assets? How would the sales of these assets be taxable? Do I subtract the original capitalization (shares of the company) which were valued at $20,600 from the price to report taxable portion?
Appreciate all information along with any links, forms or publications to refer to.
1 Answer
- Anonymous1 decade agoFavorite Answer
contact the tax agency