I'm working on a final S corp tax return. Do you report on Schedule L & M-2 the amounts right before the dissolution? I was going to report the final cash balance, fixed assets, etc. on Schedule L and on M-2 only show the distributions during the year (not the final distribution of all assets.)
Then remaining shareholder basis is compared to cash received to determine capital gain or loss on the individual reutrn.
It's been awhile since I did one of these. THanks!
Then remaining shareholder basis is compared to cash received to determine capital gain or loss on the individual reutrn.
It's been awhile since I did one of these. THanks!
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