Missy8219
Oct 17, 2016, 06:51 AM
The sole shareholder sold his stock in a stock sale. He also took vehicles with basis of $6000. The seller received all the retained earnings of $180,000. And the shareholder loan TO corporation total $800,000. The stock sale was 1,000,000.
The stock was common stock at $50,000 and Paid in Excess of 70,000. This was a C corp.
I am filing the 1040 for the seller. The stock sale is on the schedule D
Sale price of $1,000,000. The cost is the $50,000. Plus the $70,000. Plus the shareholder loan to the corporation $800,000. Plus the retained earnings of $80,000. The vehicles would be included because their was no sale.
The stock was common stock at $50,000 and Paid in Excess of 70,000. This was a C corp.
I am filing the 1040 for the seller. The stock sale is on the schedule D
Sale price of $1,000,000. The cost is the $50,000. Plus the $70,000. Plus the shareholder loan to the corporation $800,000. Plus the retained earnings of $80,000. The vehicles would be included because their was no sale.