Ask Experts Questions for FREE Help !
Ask
    Dancer's Avatar
    Dancer Posts: 14, Reputation: 1
    New Member
    		  
    #1

    Feb 1, 2006, 04:48 PM
    Final return - S-Corporation
    Hi,

    I am doing the final return for our Travel Agency, an S-Corporation. We closed the business April of last year as we were unable to sell it. As of the end of 2005 all that remains on the Balance Sheet is Assets - Cash $14 and Intangible Assets less Accumulated Amortization $21,729 . Liabilities and Shareholders' Equity - Capital Stock $15,000, Retained Earnings $8499 and Treasury Stock $1325.

    The question is can the Intangible Assets less Accumulated Amortization and / or the Capital Stock be taken as a loss and if so what Forms would be used. Does anything need to be done with the Cash, Retained Earnings or Treasury Stock? Any help you could provide would certainly be appreciated.

    Thanks,
    Harry
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Feb 1, 2006, 08:51 PM
    Harry:

    Run, don't walk, to the nearest tax professional!

    Form 1120S is not a tax return for amateurs. In fact, a fair number of "tax professionals" cannot complete them accurately as well. You need to get professional tax help from a tax pro with experience in Sub-S corporation returns.

    I recommend you see an enrolled agent. They are generally cheaper than CPAs and have the required expertise.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Closing S-Corporation [ 1 Answers ]

Hi, We closed our business (S-Corporation) April of last year. We are incorporated in the state of Kentucky. All bills owed and taxes due have been paid. Can you tell me what we need to do to actually close the corporation. Thanks, Harry

Return on Assets & Return on Equity [ 1 Answers ]

Question... Lily Cosmetics has annual sales of $500,000,000. They maintain a net after tax profit margin of 5% and they have a sales-to-assets ratio of 4. A) What is the Return on assets? B) If the debt/equity ratio is 0.5, what is the Return on Equity?

Final Return For Decedent - Capital Gains? [ 1 Answers ]

Hello: My mother-in-law passed away on July 23rd. Just prior to her passing, she had sold her home/apartment buildings for $220K. She had an $80K basis in that property, which is what it was worth when it was built in the 1960's. She lived in the apartment building she owned in 2 of 12 units, or...

American Business Corporation (ABC) [ 3 Answers ]

American Business Corporation (ABC) announces IDO Program through ABC Employment In August of 2005 American Business Corporation announced an Independent Division Owner program for it's employment Division ABC Employment. The program allows independent owners to license exclusive Rights...

View more questions Search