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Old 02-09-2006, 04:27 AM
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capital gains on transfer

In 1997 I opened a business with real estate. With advise of counsel I put it all in a Sub-S corp. Now I want to retire and sell the business but keep the real estate to lease. For legal reasons the Business must stay in the S-corp name. How do I get the real estate out without paying capital gains? That is 60,000 to 100,000 and it is not really being sold, I just want it in another name so I can sell the corp without it.
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Old 02-09-2006, 07:38 AM
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Quote:
Originally Posted by mjmint
In 1997 I opened a business with real estate. With advise of counsel I put it all in a Sub-S corp. Now I want to retire and sell the business but keep the real estate to lease. For legal reasons the Business must stay in the S-corp name. How do I get the real estate out without paying capital gains? That is 60,000 to 100,000 and it is not really being sold, I just want it in another name so I can sell the corp without it.
If you have sufficient "basis" in the S-corp you can take the real estate as a distribution.
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Old 02-09-2006, 11:06 PM
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basis?

What do I ask my CPA or accountant to tell if I have sufficient basis?
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