C corp dissolution

[solomon]

Person recently form C corp. No activitity in it - no cash, no nothing. Now he desires to dissolve it. I assume no federal tax ramifications but would he be required to file a 1120 or 1120A with no income or expenses for the 3 months in existence? Thanks.

[Uncle Sam]

C Corp Dissolution

Yes, you need to file a corporation return for the months you were in business.
But more importantly, you should file Form 966, prepare corporate minutes of notice to dissolve corporation, corporate resolution, and waiver of notification to shareholders to dissolve, AND, do the necessary steps required by the state the corporation is in. It's the state that granted the corporation the charter, so it's the state that actually dissolves the corporation officially.

[solomon]

Thanks. Seems like it would be easier to let it exist and just go ahead and file an annual 1120A with no income or expenses - and not assets.

[Roland Slugg]

Perhaps not

Solomon, before you prepare that return, see Regs §1.6012-2(a)(2).

[solomon]

Thanks Roland - will do. In reading that Reg. what does if corporation did not "perfect its organization" mean. He certainly transacted no business. Regarding presenting facts to the Director that may relieve him from filing a 1120, does the filing of Form 966 suffice for "presenting the facts"? I gather "perfecting" means recording with the state?