QUESTION
my son and I each own 40% of a sub S corp. Can i just sign my 40% over to him ?
Asked on Dec 10th, 2011 on Business Law - New York
2 ANSWERS
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Yes. Is it a gift or a sale?
Answered on Dec 12th, 2011 at 12:58 PM
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Yes, you can. You must transfer your certificate for shares on the corporation's books. You may find it advantageous to make the transfer on December 31 so that the pass-through tax issues are as simple as possible.
Answered on Dec 10th, 2011 at 2:25 PM