ljwalters Posted October 10, 2014 Report Share Posted October 10, 2014 Client is closing s corp. Can the auto be converted to personal. When I code it that way and put in fair market value it doesn't show up on the return any where. Quote Link to comment Share on other sites More sharing options...
OldJack Posted October 13, 2014 Report Share Posted October 13, 2014 Probably because as an S-corp it must be treated as a sale at fair market value with gain or loss. An S-corp is not allowed to convert to personal, that is only a partnership or proprietorship. 1 Quote Link to comment Share on other sites More sharing options...
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