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Elliot Pisem and David E. Kahen Elliot Pisem and David E. Kahen

When a shareholder of a corporation that has elected under Internal Revenue Code §1362 to be an S corporation is planning to sell the shareholder’s stock, the seller and the purchaser (or purchasers) should consider how items of income, gain, loss, deduction and credit of the corporation for the year of the sale will be allocated as between the selling shareholder and the purchasers (collectively the “affected shareholders”), taking into account that all such items flow through to S corporation shareholders under the relevant Code provisions. If the selling shareholder’s stock is being redeemed by the corporation, all of the remaining shareholders will be affected by this allocation.

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