Welcome Guest. Register Now!  



 
 
LinkBack Thread Tools Search this Thread Display Modes
Prev Previous Post   Next Post Next
  #1 (permalink)  
Old 02-24-2009, 08:45 AM
Junior Member
 
Join Date: Feb 2009
Posts: 1
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?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
 


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Help, Closed S Corporation in NJ NewGuy30 S-Corporation 1 10-21-2008 09:09 AM
What would be deductible business expenses for my new retail business? frankietan Sole-Proprietorship 0 05-05-2008 07:30 PM
How can I take advantage of business losses in my unincorporated business? larry Sole-Proprietorship 1 01-24-2008 06:15 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.