I recently sold most of the assets of my business and upon doing this the business was no longer operational, so I am closing the business. I need tax advice on how to treat the common stock, paid-in capital and treasury stock on the final S Corp tax return (1120S). The corporation was originally a C Corp but changed to S Corp status back in 1985. The business has $34,000.00 left in assets and $100,000.00 left in debt. The Treasury stock is $51,000.00, additional Paid-In Capital is $24,574.00 and the Common stock is $140,000.00. Can I deduct any of these items on 1120S or personal return? If so, where do I enter them? Please advise.