"DB" <jul712[at]yahoo.com> wrote:

- quote -

You don't really give us enough information to answer your
questions.

Did you sell your intererst in the corporation? Did the
corporation sell the assets used to operate the business
(including intangibles like goodwill)? Or, did you
liquidate the corporations, distribute the assets to
yourself, and then sell them?

You get quite different results from each.

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"DB" <jul712[at]yahoo.com> wrote:

- quote -

You should get (prepare if you file the 1120S) a K-1 for the
final part of the year you owned the business which you
include in your 1040 as usual. You then MUST include the
sale as a Sch D transaction. The tricky part is to
understand how you determine your basis in the stock.

- quote -

NO. Apply for a new ID#. Even if it was acceptable, I
wouldn't do it to avoid future confusion at IRS.

Mike Lewis, CPA

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DB wrote:

- quote -

This can get tricky. Did YOU sell the business? or did the
Corporation sell the business? If you sold it, then you
need H E L P, for there is the matter of reporting that the
corporation liquidated that property to you and then you
sold it. Look for a qualified local tax pro, either a CPA
or an EA (Enrolled Agent).

- quote -

Provided you have not closed out that corporation with your
state, i.e. dissolved it, and provided all the reporting of
sale of it's former assets (see above) are kosher, then you
may continue to use same corp.

You need to answer some questions first though.

Cheer$,
Harlan Lunsford, EA n LA

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I sold my Business. I am the only shareholder of this S
Corp. I have a gain. Can I report this gain directly on my
1040 personal tax return or do I report it on the 1120S S
corp return?

Also can I restart another business using the same S Corp ID
#'s. The company that bought the business will operate
under their own corporation #'s.

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