S-corp

[NotEasy]

Taxpayer opened a cafe in 2007. It is a S-corp. The cafe was only in business for a few months and then closed in Nov 2007. Taxpayer have not filed the documents to cancel the S-corp yet. So basically the cafe does not exist anymore but the S-corp does.

In the 2007 1120-S, do you mark 'final' on it?

[BHoffman]

Hi there. When you say "closed", do you mean they just not operating anymore or that they have liquidated all their assets, either through sale or distribution?

[NotEasy]

Hi there. When you say "closed", do you mean they just not operating anymore or that they have liquidated all their assets, either through sale or distribution?

Liquidated. The rental space has been returned to teh landlord. The taxpayer has even moved to another state since then. The cafe does not exist anymore.

[ChEAr$]

From what you say

Liquidated. The rental space has been returned to teh landlord. The taxpayer has even moved to another state since then. The cafe does not exist anymore.

even thought the corporation is not officially closed out, the business operations are kaput, and
therefore I would indeed mark it as final.

[BHoffman]

Yep yep yep