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Commonly Asked Questions about Corporate to Personal Property Transfer

Property that you convert becomes your capital contribution to the S-Corp, which would form your basis for a capital loss or gain if you later sell your interest. The value of the property becomes the corporations basis in it.
A corporation that acquires property as a contribution to capital or as a paid-in surplus generally takes the transferors basis in the contributed property, increased by the amount of any gain recognized by the transferor on the transfer.
The corporations basis in the contributed property equals the shareholders basis in the property before the transfer, increased by any gain recognized by the contributing shareholder.
A transferor in a Section 351 transfer does not recognize gain or loss when it transfers property to the controlled corporation in exchange for its stock. A transferor may recognize gain (but not loss) to the extent of any money or other property (boot) received in addition to the corporations stock.
Your adjusted basis is generally your cost in acquiring your home plus the cost of any capital improvements you made, less casualty loss amounts and other decreases.
The most common way to transfer property is through a general warranty deed (sometimes called a grant deed). A general warranty deed guarantees good title from the beginning of time.
If you operate your business as a corporation, the corporation owns the assets, and you cant simply convert a business asset to personal use as you can with a proprietorship. When you operate as a corporation and you want the corporations assets, the corporation needs to effectively sell you those assets.
Personal-use property converted to business use. If you convert personal property to business use, the basis will be the lower of: the fair market value at the time of the conversion, or. the cost plus any additions or improvements, and minus any deducted casualty losses, up to the time of the conversion.