Deceased TP had land in corp in another state

[schirallicpa]

I don't know why people do this.  The Deceased TP had a ATT power station that he rented to ATT each year.  But the real estate and rental was in a corp.  The corp was created in Deleware.  Property and TP are in NY.   Nothing in will to take care of this.  Deceased TP was 100% SH of corp.

Lawyers have to move real estate from estate to TP's spouse in order to make a transaction with ATT (ATT is buying out the contract for 340,000).  This was moved this past summer. Not sure why ATT didn't deal with estate directly.

Is gain on sale to the spouse LT or ST?

I'm feeling LT but when I did estimates in May I ran ST and now I'm questioning myself. 

 

 

[schirallicpa]

Good grief - no - that was not edited quick enough.  It seems that the spouse became president of the corp at the TPs death.  So now it is all the corps problem.  

So - nevermind.

 

 

[schirallicpa]

(note to self- don't start typing the question until you have gone fully around the horn with the lawyer.)

 

[Lee B]

2 hours ago, schirallicpa said:

Good grief - no - that was not edited quick enough.  It seems that the spouse became president of the corp at the TPs death.  So now it is all the corps problem.  

So - nevermind.

 

 

Now it makes more sense