Finalizing Corp 1120S return
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.
Last edited by SirAngler : 05-24-2016 at 04:52 PM.