help on closing books C-corporation Volunatary dissolution Hi,
I do bookkeeping for corporation which has decided to voluntarily dissolve. I was working on closing the books and was looking for how to distribute the capital stock and retained earnings. This company does not have any fixed assets, it just has $40K worth of note receivables and Retained earnings of 35K and common stock 5K. This note receivable was from shareholder and he would not be able to pay to the company.
can i write off the receivable?
will there be any tax implication on the shareholder?
Does the corp need to issue any tax document to shareholder when receivable is written off?
Please advise.
Thanks for your time
Rachel
Last edited by Rachel : 01-04-2017 at 10:33 PM.
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