USA Tax Question

[Hung Lam]

my client own 100% shares of s corp. from Jan-June. Effective July 1st, I sold my business to an XYZ, LLC. is there any transaction to report the gain on selling this business? Thank you.

 

[smallbushelp]

I assume you mean your client sold his shares to the LLC? Did your client sell just his shares in the S Corp or the whole company including all of it's assets and liabilities? That will make a difference in the transaction.