scorp closing Car to personal use

[ljwalters]

Client is closing s corp.

Can the auto be converted to personal.  When I code it that way and put in fair market value it doesn't show up on the return any where.

 

 

[OldJack]

Probably because as an S-corp it must be treated as a sale at fair market value with gain or loss.  An S-corp is not allowed to convert to personal, that is only a partnership or proprietorship.