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Scott City KS | It all depends on what the operating agreement says regarding termination.
But no way you can get a stepped up basis without paying the cap gains.
If the 4th sibling wants to keep the land they should sell out 3/4 of the land out of the Corp and then either purchase the stock of the other 3 or have the Corp purchase it as treasury stock (with the proceeds) and continue to operate the corp.
Edited by Buehler 2/13/2021 13:46
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Getting out of a S corporation
