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    dream456's Avatar
    dream456 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Mar 28, 2017, 12:25 PM
    Final 1120S return and balnce sheet help
    I dissolved a S-corp and disposed of all assets. Do I create journal entries for asset accounts (debit accumulated depreciation and credit asset accounts) to zero them out? Do I have to file any form if we disposed of the assets (form 4797)? I also have the following items on my balance sheet and I am not sure how to close them out and what carries over to the K-1's.
    Cash 0
    Shareholder loans 1,005.64
    Adjustments to S/H equity (-12,989.03)
    Common stock 1,000.00
    Paid-in capital 2,940.82
    Retained earnings 9,341.89
    The profit and loss shows a loss 1,299.32.
    Can the shareholder loans be a write off? If so, how can I do this? Should all items on sch L (balance sheet) be zeros at the end of year? Should item 8 on sch M-2 be zeroed out or be a final number based on how the balance sheet is handled?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Mar 28, 2017, 06:56 PM
    Sorry, this question is beyond my level of expertise.
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