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Old 02-24-2009, 08:45 AM
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Join Date: Feb 2009
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Closed business

How do I account for closing my business?

I was behind on taxes and I had someone willing to pay the taxes in exchange for the business. The money he put out is/was less than the store was worth (although it was not appraised). Is this considered a sale? Or do I list that it was closed. How do I show this on my balance sheet?



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