George B. asked
My wife and I operate an S Corp in NYC. In February 2015, we sold our apartment building at a gain and purchased another building for far less through a Section 1031 exchange. We have long-term capital gains on the sale less the amount reinvested into the 1031 exchange. Can we take these monies out and invest them personally without paying tax on these monies again? How would I account for this withdrawal on my books? Is this double taxation?
February 7th, 2023
Kathryn S. answered
When you take a distribution from your S-corporation, it means you are taking a distribution from th...
February 7th, 2023
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