Discussion:Basis of transferred s-corp stock from wife to husband
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Discussion Forum Index --> Advanced Tax Questions --> Basis of transferred s-corp stock from wife to husband
Discussion Forum Index --> Tax Questions --> Basis of transferred s-corp stock from wife to husband
| 15 February 2008 | |
| My clients are going through a divorce. They had been 50-50 stockholders of the S-corp. In October she transferred her shares to her husband and he became 100% owner of the stock. Net assets of the corp are about $5,000 - not much value to it. Question is re basis. Is his basis increased by her basis or not??? He paid nothing for it - it was strictly a transfer. Her basis - minimal once loss for 2007 is subtracted. What happens to her basis at the end of the year - she basically gave the stock to her husband. They were not divorced as of 12/31/07. I'd appreciate all of your expert guidance on this. This is probably basic, but I'm not finding a straightforward answer anywhere. Thanks so much. | |
RoyDaleOne (talk|edits) said: | 15 February 2008 |
| His basis is her basis. | |
| February 15, 2008 | |
| Yeah, just because no money changed hands...it was part of a settlement. So he picks up her part as his totally. | |
| 15 February 2008 | |
| Okay - that's pretty much what I was thinking- I just wanted to make sure I was on the right track. Thanks so much. | |
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