Question

I sold my scorp and buyer got a new EIN before the sale- do we do 2 different tax returns because of the 2 EIN's?

Forum|Forum|3 years ago
January 11, 2023
1 reply
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My son and his partner bought my scorp but applied (and received) a new EIN prior to the sale. Does this now require us to do two different tax returns? I'm assuming I would do a return for the business using data from before the sale, my son would use data from after the sale, and I would notify the IRS that the business with my EIN ended once the sale was completed

S-Corp

M

Mike9241

to respond fully, we need to know more details as to what occurred. which is true?

1) they personally bought your S-Corp stock

2) their corporation bought your S-Corp stock

3) they personally bought your corporate assets

4) their corporation bought your corporate assets

I

ironman99223Author

technically, they bought the stock (my son and his partner bought the business and we did the transaction without any real legal advise to save money) and I thought they were responsible for the tax return with the K1's reflecting the 2022 profit based on the percentage of ownership over the calendar year. To me, it seems that the IRS would view us as two different companies and I would file a final 2022 return with a notice of dissolution for my business/EIN