Sale of Business Property after close of business

[Bonnie]

The business closed in June of 2008 but I still have not received the documents to file the final tax return on an 1120S. We have filed an extension and will file the return. Now the owner is selling some of the equipment that was business property when the business closed. Since the final return for the LLC goes through June 2008, what happens with the business property that the owner is now selling?

Thanks for your help.

[JohnH]

Looks to me like the final return for the corp will be the June 2009 return (or later if there's other equipment; or other issues to be settled in the wind-down). Unless the equipment was somehow distributed to the shareholders via the June 2008 return. In that case the shareholders may have some addtional reporting to do on their 2009 personal returns.

[ChEAr$]

that property

The business closed in June of 2008 but I still have not received the documents to file the final tax return on an 1120S. We have filed an extension and will file the return. Now the owner is selling some of the equipment that was business property when the business closed. Since the final return for the LLC goes through June 2008, what happens with the business property that the owner is now selling?

Thanks for your help.

is deemed to have been distributed to the owner last June at FMV.