S corporation shareholders revoked the S election before filing for bankruptcy (probably to avoid income recognition of cancellation of debt income on their personal returns.) A bankruptcy court had to decide whether S corporation status is property in order to know whether a trustee in bankruptcy could treat the revocation as a fraudulent transfer that could be undone. The court said it’s not property. However, some other courts have held that it is property because it’s something that a person has rights over in order to use, enjoy, or dispose of.
Barbara Weltman
Big Ideas for Small Business, Inc.
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It's important to take care of ourselves and take steps to nourish ourselves--body, mind and soul. We may have to do this in different and creative ways now that many of us are staying at home. It's still important that we take time for ourselves. #selfcare #Health