Corporations are the most widely known business forms, providing limited liability to shareholders and allowing ownership to be freely transferred through the buying and selling of stock.
C corporations are also subject to what is known as "double taxation." This type of tax treatment means that income and gains on property are taxed first at the corporate level and then again at the individual shareholder level for any dividends received.
The consequences of distributions to the shareholders and the corporation are discussed further.
Shareholders in an S corporation must keep careful track of their tax basis.
It may take some time to close down your business and dispose of all your business assets.
We do that with the style and format of our responses.
In that case, they show up just as a normal property distribution; there's no distinction between liquidating and non-liquidating.