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Old 05-24-2016, 04:39 PM
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Join Date: May 2016
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Finalizing Corp 1120S return

Hello,

I have a small S-Corp that has not conducted any business for a few years. No income or losses.

The sole shareholder owner is ready to dissolve the corp. His balance sheet is empty except for $40 in a savings account, $62,000 in accounts payable to himself (Would this would convert to bad debt?), $1,000 in Common Stock and Retained Earnings of $63,000.

I presume all of this balances out, but where does it go on the final 1120S?

Please see the attached Balance Sheet.

Thanks

Attached Images
File Type: jpg Final Balance Sheet.jpg (21.3 KB, 1 views)

Last edited by SirAngler : 05-24-2016 at 04:52 PM. Reason: clearification


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