Do I have this right? I kept the numbers small, but you get the point.
Short Tax Year: Dissolving in November 1st, 1120S due Feb 15, 2007
Distributing all assets: $7,000 (consisting of $4000 cash and $3000 equipment).
Shareholder stock basis: $6,000
Gain to shareholder $1,000 reported on 1040 Sch D as LTCG.
Corp files 966 within 30 days of dissolution with attached resolution from shareholder.
Corp files final 1120S.
Corp files 1099 DIV with box 8 showing $4000 and box 9 showing $3000.
Am I missing anything? Just trying to line up my ducks and don't want any hassles from the KGB, ur the IRS.
TIA.
Short Tax Year: Dissolving in November 1st, 1120S due Feb 15, 2007
Distributing all assets: $7,000 (consisting of $4000 cash and $3000 equipment).
Shareholder stock basis: $6,000
Gain to shareholder $1,000 reported on 1040 Sch D as LTCG.
Corp files 966 within 30 days of dissolution with attached resolution from shareholder.
Corp files final 1120S.
Corp files 1099 DIV with box 8 showing $4000 and box 9 showing $3000.
Am I missing anything? Just trying to line up my ducks and don't want any hassles from the KGB, ur the IRS.
TIA.