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Old 03-29-2009, 03:54 PM
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Join Date: Mar 2009
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Dissolution of S-Corp

I am a member of a Pennsylvania S-Corp that went out
of business in 2005. I continue to file 1120 returns, but
would like to officially dissolve the entity. My problem
relates to the balance sheet. We have no assets, but
$4.6 million in liabilities that will never be paid. If
I file the 966 return, do the unpaid liabilities become
income to the shareholders?



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Old 04-04-2009, 04:09 PM
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Join Date: Apr 2009
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Be careful. In Vermont signing off on the corporate dissolution means that you have accepted personal responsibility for the debt. At this point do not do anything until you hire a lawyer and an accountant.



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