Purchase of Land in Canada on DE C Corp name.
We have incorporated in Delaware as C corp this summer. We have purchased a lot of land in Canada on this corporate name.
Total sales price of land is $14000. Down payment is $500 and rest are installments of $150/month for 10 years. We do not have Title on land yet, only a Sale Contract fully executed by both sides and we have pyed 3 monthy installments as of now.
How do we write it on 1120 before September 15th?
We have not conducted any business under this corporate name except this only one purchase only. Cash on business account was only $1700 to cover closing costs for this parcel and came from 3 investors (me and other tow guys) in exchange for stock of the company.