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Old 01-31-2015, 07:57 PM
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1120 C Noncash liquidation distribution

I am dissolving C Corp and filing last 1120 tax return. There is one vehicle in corp that is being distributed out as 1099-Div non cash liquid distribution. There is a loss on this vehicle (no depreciation has been taken in 2 years). I know where to report the loss on the 1120 nut where do I report the non cash distribution on the 1120?



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Old 02-01-2015, 09:11 PM
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Quote:
Originally Posted by labar349 View Post
I am dissolving C Corp and filing last 1120 tax return. There is one vehicle in corp that is being distributed out as 1099-Div non cash liquid distribution. There is a loss on this vehicle (no depreciation has been taken in 2 years). I know where to report the loss on the 1120 nut where do I report the non cash distribution on the 1120?
on 1120 sch m2 5 c. If the property’s value is lower than its tax basis,
however, a sale followed by a distribution of the cash proceeds may be the better way to go.



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