Asset transfer

[KAYSER]

Question:
- Company A transfers assets and liability to company B
- Both companies are owned by the same owners
- There is no cash exchange

1. How do I book this transaction?
2. When filing taxes, is there a specific form to be submitted for this?

Thank you

 

[KAYSER]

Anyone on this?

 

[KAYSER]

This is irony
no one can answer an accounting question on accounting forum!

 

[Werner Reisacher]

Because the issue you are raising has not much to do with accounting. Eliminating all assets and liabilities in company A and adding the Assets and the Liability to the ledgers of company B is the easy part.
The question that needs to be answered is - why is company A being transformed into company B. Is company A being liquidated? What does the corporate law of the jurisdiction in which company A is registered require you to do when a company is liquidated? Was company A a stand-alone legal entity or was it owned by company B.
Kayser, I am sure everybody gladly will help you finding your answers but we need more information to be able to do that.