Advise client as to pertinent tax issues

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Question - An S Corporation has total depreciable assets with a historic cost of $200000, accumulated tax depreciation of $180000, and FMV of $50000. The sole shareholder of the S corporation has a stock basis of $2500 and is pondering retirement and approaches you to handle the liquidation of the corporation and preparation of the final 1120S. Advise your client as to pertinent tax issues.

Reference no: EM132464698

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