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    missy9249's Avatar
    missy9249 Posts: 2, Reputation: 1
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    #1

    Jun 10, 2010, 03:39 PM
    accounting questions free
    A company is incorporated but has not been active for a couple of years .The owner wants to close the company down since it is just costing money for business taxes etc . There is an asset -a building .Can this building be shown at fair market value & then the loss claimed as a business investment loss on the shareholder's personal tax return ?
    ejaznasar's Avatar
    ejaznasar Posts: 3, Reputation: 1
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    #2

    Jun 11, 2010, 12:44 AM
    Do closing stocks appers in trial balance?
    missy9249's Avatar
    missy9249 Posts: 2, Reputation: 1
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    #3

    Jun 11, 2010, 05:51 AM

    The trial balance shows the undepreciated value of the building & the purchase of the building was set up as a loan from shareholder .There has never been any income from this business from the start up . That is why the owner wants to close it down - all is happening is payment for property taxes each year .
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