L
limanov
What would be the accounting entries for the buyout of one of two
owners of an S-Corp with the following circumstances: 1) both owners
have capital accounts of $500 each ($1,000 total) 2) the continuing
owner takes a loan of $100,000 to pay the leaving owner for their share
(market value) of the company. Also, what IRS document should be
issued to the leaving owner?
owners of an S-Corp with the following circumstances: 1) both owners
have capital accounts of $500 each ($1,000 total) 2) the continuing
owner takes a loan of $100,000 to pay the leaving owner for their share
(market value) of the company. Also, what IRS document should be
issued to the leaving owner?