Preparing Final IRS Form 1120 for
I am dissolving my c corporation. It is a very small entity, with 2 shareholders, each owning 50% of the stock. I am trying to complete the final accounting but I'm am stuck on what to do to reconcile the Schedule L Balance Sheet and M-1 and M-2 for the final year.
Balance sheet has assets totaling $500 and the only Liabilities/Capital are Paid-In Capital of about $15k and Retained Earnings of about a negative <14,500>.
For the final return since the company has no money in it, how do I reconcile the balance sheet, M-1 and M-2 given the above balances.
Also, I will have additional expenses to close out the corporation - should I just pay them out of my pocket seeing the company can never repay them since revenue coming in is zero and dissolution activities are underway?
Thanks in advance for your thoughts.