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S-Corp liquidation

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    #1

    S-Corp liquidation

    I have a new client who started and closed an S-Corp last year. Along the way she took about 50k of distributions although the corporate income was only 10k or so. This has to be her own investment returning to her doesn't it? She was a SCH-C operation before april 2010. Can't find any cite in TTB for a situation like this. Thanks!
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    #2
    Either she loaned the company money or she was paying for expenses on credit cards. You will need to talk to her to find out.

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