My company purchased an office building about 45 years ago for $5,000. The company is a sub-chapter S corp so everything flows through to the shareholders. The company has ceased operations about 10 years ago but is in existence still because it derives rental income from the building. We received an offer to purchase the building for $5,500,000. If we sell, there is very little basis obviously, because of the low purchase price. A 1031 exchange is not possible to defer the taxes. Is there any way to minimi

William Keats

I do not see any way around minimizing the capital gains tax on the proposed sale of the building.