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    #1

    Closing a C Corp

    I have a C corp that is closing. We prepared last year's return, but not the other prior years. The corp has been in business for approx. 20 years. There are no assets left. Now I am wondering how to do the liquidating distribution.

    On the balance sheet there is a loan to shareholder of 100,000. There are retained earnings of 800,000. There is Treasury Stock of 600,000.
    Do I net these figures to determine the liquidating distribution? I have not closed a C Corp before and I'm not sure how to proceed.

    Thanks
    You have the right to remain silent. Anything you say will be misquoted, then used against you.
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    #2
    What other assets are in the corp. Is the remaining $100,000 cash, equipment, receivables??

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      #3
      There is nothing left in the corp. They have emptied the checking account by paying themselves dividends with the money. That is about 93,000 Perhaps that is the issue?
      You have the right to remain silent. Anything you say will be misquoted, then used against you.

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        #4
        on the surface it sounds a lot like a liquidating dividend.
        "The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith

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