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S Corps droping like flies - should I close this one?

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    S Corps droping like flies - should I close this one?

    S corp has $500 in bank at end of 2010, the only depreciable assets were abandoned, credit card debt was assumed personally. There was no payroll during 2010 and the only sales were to unload inventory. The store was never open. The remaining inventory was taken home by the sole owner. To close or not to close, that is the question?? Thanks.

    #2
    You can always record the 2010 activity and then file a final for 2011. When in doubt, sometimes delay is the best option.

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