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Old 03-13-2009, 12:15 AM
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Generally speaking, in the final year of the corporation tax return, the balance sheet is actually zero'd out! So, you should not have any concerns with respect to the balance sheet.

What I suggest is that you contact your CPA or tax professional to determine whether or not you can deduct capital losses on the loss that you personally sustained on the liquidation of the corporation. I suspect that you have sustained a capital loss and would be entitled to take a capital loss on Schedule D. But, please discuss this possibility with your tax professional.

Again, mark the return as FINAL on both the State and Federal tax return and your software program would eliminate the ending balance sheet to Zero!
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