Corporation to Individual Property Transfer

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Commonly Asked Questions about Corporation to Individual Property Transfer

What is the corporation basis in contributed property?

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.

What is corporations basis in the transferred property?

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.

How does a corporation transfer ownership?

To transfer ownership in a C-corporation, all you need is a sale of stock. Owners are usually free to buy and sell shares of stock. But sometimes the Shareholder Agreement or Corporate Bylaws may have certain restrictions. For instance, the shares may need to be offered to existing shareholders first.

What is the basis of a Section 351 transfer?

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.

What is the adjusted basis of transferred property?

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.

What is the basis of property transferred to S Corp?

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.

Is it easier to transfer ownership in a corporation or sole proprietorship?

It is usually easier to transfer ownership in a corporation than it is to transfer ownership in a sole proprietorship. This is the best answer. Although a sole proprietor can sell anytime, they need to find a buyer.

Does Sec 351 apply to property transfers to an existing corporation?

Section 351(a) provides that no gain or loss shall be recognized if property is transferred to a corporation by one or more persons solely in exchange for stock in such corporation and immediately after the exchange such person or persons are in control (as defined in 368(c)) of the corporation.