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s-corp captial gains

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aaks47



Joined: 27 Sep 2005
Posts: 1

PostPosted: Tue Sep 27, 2005 4:33 pm    Post subject: s-corp captial gainsReply with quote
I had purchased a vacant parcel in 2003 in hopes to build a hotel. The lot is zoned as general commercial and allows multi family high rise residential. I have now decided to sell the lot. What are my options to do a 1031 exchange? What are my possible capital gains on my S-Corp? My accountant researched that capital gains on the sale of the land cannot be avoided. Any advise.

Akash
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The Mortgage-Pro
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Joined: 19 Jan 2005
Posts: 2248

PostPosted: Tue Sep 27, 2005 10:29 pm    Post subject: Reply with quote
We appreciate the question. Professional tax advice is really out of realm of expertise. Did you ask your accountant if the land qualified for a 1031 exchange?

Please come back and let us know what you find out.
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