closing business

[TAX]

Client, Scorp, with three shareholders (Equal) closed business.

After I did ALL accounting only following things left on Balancesheet.

Loan from Shareholder: $ 300,000 (100,000 each)
Retained earnings: ($300,000)

Thanks!

(1) What should I do in accounting

(2) How do I report on 1120s in proseries.

[erchess]

Bump

I don't know enough about accounting to answer your accounting question and I don't use Proseries so I am no help at all but I would like to see this get answered so here goes.

[TAX]

I don't know enough about accounting to answer your accounting question and I don't use Proseries so I am no help at all but I would like to see this get answered so here goes.

Thank you.

Any one else please?

[JG EA]

Out on limb

OK not my area of expertise, but could the shareholders get a bad debt for the loan that they didn't get back. As far as the accounting goes it looks to me it came out perfectly.

Also for the final return there is something you type onto the balance sheet.