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dgoodwin2
March 14, 2025
Question

If was self employed and change to S corp. How do I show everything coming to S Corp

  • March 14, 2025
  • 1 reply
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I filed 2023 as self employed and start 1/1/2024 S Corp, how do I show transfer of Fixed assets, inventory?

    1 reply

    PatriciaV
    PatriciaV
    March 19, 2025

    All the assets of the new company are considered to be contributions from the shareholder(s). If you have only one shareholder, then the total becomes your basis in the S-Corp (first purchase of stock). 

     

    If you need to include a balance sheet, the assets and inventory would be in the Assets portion and your stock/paid-in capital under Equity.

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