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I sold the assets—not the stock—in an S corporation that is owned by my spouse and myself. The sale was a cash sale of all income-producing assets of the S corp.

Since the sale, the S corporation has had limited business transactions and essentially only wrapped up business operations.

Other than the normal pass-though of capital gains and ordinary income from recapture, though the corporation was not dissolved, but ceased doing business—are the capital gains eliminated?

  • So the only assets the S corporation currently holds are the cash proceeds from the asset sale? – Chris W. Rea Feb 2 '18 at 15:33

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