Discussion:Liquidation of LLC taxed as Subchapter S
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Discussion Forum Index --> Advanced Tax Questions --> Liquidation of LLC taxed as Subchapter S
Discussion Forum Index --> Tax Questions --> Liquidation of LLC taxed as Subchapter S
| 16 February 2008 | |
| One member of a three-member LLC (Elected to be taxed as a Subchapter S in a previous year)bought out the interests of the other two members with outside money. Subsequently, the only asset was sold and the business closed. My question: Was this the purchase of stock from the other members? Any thoughts? Thanks | |
RoyDaleOne (talk|edits) said: | 16 February 2008 |
| Yes, increases remaining stockholder's basis in the S Corp.
You need to deal with the gain or loss on liquidation. | |
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