Ex wife and I have s - corp that owns 3 pieces of property bought for 476,000 with a fair market value roughly of 210,000 currently due to down turn in market.

S - corp has to be dissolved due to divorce. We had a huge profit in 2008...400,000. She has sabbotage business over last 8 months and canceled our last job leaving us with no jobs for 2009. Since we can not work together...We wish to dissolve the company asap file paperwork of dissolution before end of year.

We can not sell the property due to the market and are going to be forced to transfer the property to ourselves. Our accountant says that if we file the paperwork and transfer the property within the next 3 months or so that we should be able to take the fair market value of the property...transfer it to ourselves and take a loss in 2008 even if we do not get to transfer property until 2009. I thought we had to dissolve and transfer property before 2008 if we want to take advantage of the loss in 2008.