Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 04-27-2009, 07:23 AM
amyoung
 
Posts: n/a
Dissolving S Corp ... What to do with Assets and Shareholder Basis

I've been running a Florida S-Corp for seven years now. I am the only shareholder. The first few years were profitable, but these last two have been all losses. I'm at the point where I am ready to dissolve the company as there is not enough money left in the account to pay the annual fees associated with keeping it going. Only problem is I'm not sure what to do with the few assets that are left on the books, as there is still some depreciation left on them. As the 100% shareholder can I just transfer the market value to my basis account? Also, because the company has been running losses for the last few years my shareholder basis and loan accounts have all been depleted down to zero, and I have several thousand $$ in carryover losses. Is there anyway to show these losses on my personal return with no basis left? I appreciate whatever guidance you can provide.



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
Ads
Reply


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
dissolving S corp cskins S-Corporation 0 03-14-2009 12:09 PM
Interest due Shareholder if C Corp is cash basis maslarcpa C-Corporation 1 02-17-2009 11:24 PM
Would loan guarantees by a shareholder increase his basis in an S Corporation? TaxGuru S-Corporation 0 11-29-2008 03:19 AM
Dissolving S Corp and Capital Gains danurag S-Corporation 1 05-18-2008 02:08 PM
Shareholder basis arcteryx S-Corporation 1 11-29-2007 04:52 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